What Does it Mean for ADA?

The Cardano price has jumped to $0.309983 today, marking an impressive 8% gain in 24 hours as the wider cryptocurrency market rises by 3%.

ADA is now up by 7.5% in a week and by 28% in the past fortnight, with the altcoin also having risen by 26% since the start of the year.

And with Cardano this week releasing the paper for the important Mithril 2 upgrade, ADA could see further gains in the coming days and weeks.

Cardano Price Prediction as Milestone Mithril 2 Paper Released: What Does it Mean for ADA?

ADA looks as though it’s halfway through a breakout rally, with its indicators in strong but not yet peaked positions.

Its RSI (purple) has risen above 70 yet again, indicating rising buying pressure that has actually been more or less in place for around a week now.

Also bullish is ADA’s 30-day moving average (yellow), which is rising strongly towards its 200-day (blue) in another clear sign that a breakout is in progress.

The current Cardano price is perhaps the clearest indicator of such a breakout, in that this price has risen beyond both indicators.

The coin’s support level (green) provides another bullish sign, having risen aggressively in the past few days, with significant corrections downwards now being unlikely.

As noted above, ADA’s current strength comes from two sources.

Firstly, the market as a whole is rallying as a result of growing Bitcoin ETF positivity and because the Fed opted to hold rates steady yesterday.

Secondly, Cardano itself benefitted from the release of a new Mithril 2 research paper.

The Mithril 2 paper introduces new cryptographic techniques to prove knowledge of a large dataset without revealing it entirely. The methods are efficient and secure.

It introduces a technique called Approximate Lower Bound Arguments, or ALBAs. The goal is to enable someone to… https://t.co/IV8iHTImCb

— Romain Pellerin (@rom1_pellerin) October 31, 2023

This research paper outlines ways of updating the already-launched Mithril in order to improve the scalability and privacy offered by the Cardano network.

While there’s no specific roadmap for when developers will integrate the new methods, it nonetheless underlines how Cardano is developing and evolving in a robust and potentially consequential way.

Indeed, Cardano has been growing impressively this year, with the network’s total value locked in rising by over 300% since January.

This highlights how Cardano apps such as Minswap and JPG Store are gaining more traction, as well as how big Cardano could become in the future.

As such, ADA can be expected to continue its encouraging growth over the next few months, with the altcoin potentially reaching $0.40 by the end of the year.

High-Potential Alts With Strong Fundamentals

ADA is arguably one of the strongest altcoins in the market right now, yet it isn’t the only alt likely to see big rises in the next few weeks.

There are also various newer alts at the moment that show very good potential, including several presale coins that could rally big once they list on exchanges.

This includes TG.Casino (TGC), a decentralized casino that has raised over $1.65 million in its presale.

We have passed the $1.6 million checkpoint🎰$TGC is blowing up! pic.twitter.com/1RriRQSHPU

— TG Casino (@TGCasino_) October 31, 2023

With its platform already launched, TG.Casino enables its users to play a wide variety of gambling experiences, from traditional card games to more modern wagers.

Yet what’s unique about TG.Casino is that it will operate on Telegram, tapping into the popular messaging app’s large userbase to grow its community quickly.

Encouragingly, its Telegram channel already has more than 5,000 members, providing a sign of just how big it could become in the near future.

Not only does the use of Telegram provide TG.Casino with a trove of potential users, but the social element Telegram provides will incentivize users to keep coming back for more.

Massive victory by one of our $TGC community members in Wanted Dead Or a Wild! 🤠💰 @hacksawgaming pic.twitter.com/7VS6yL6sZz

— TG Casino (@TGCasino_) November 1, 2023

Also incentivizing greater participation is the TGC token itself, which users can also stake in order to earn a passive income, on top of any winnings they might earn.

The token will have a max supply of 100 million, with investors able to buy some as part of the presale by going to the official TG.Casino website.

1 TGC currently costs $0.15, yet the coin’s fundamentals mean that it could easily rise higher once exchanges begin listing it.

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^{Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.}