Cardano Bulls Target the $0.40 Levels Amid the Launch of Valentine Upgrade
Cardano’s Valentine upgrade launched on the Cardano mainnet on Tuesday and ever since the announcement, the price has been soaring. ADA underwent a brief pullback in February following the massive gain in January in order to refuel the faltering bullish momentum. The coin price consequently dropped 12% from the previous week and attempted support around $0.357 again.
Cardano’s price found support close to the $0.345 area after a continuous fall. Price fluctuated as low as $0.3454 before beginning a steady rise recently. The $0.365 and $0.370 resistance levels were clearly broken. On the upside, the $0.392 area is a close-by immediate resistance. Near the $0.407 region, the next significant resistance is developing. In the last 24 hours, Cardano’s ADA has surged more than seven percent.
The Cardano project’s developer, Input Output Global (IOG), revealed the upgrade’s inclusion of support for the Plutus SECP cryptographic primitive in a tweet on Valentine’s Day. The IOG later clarified in a tweet that SECP native support encourages cross-chain interoperability while preserving the highest level of security.
Interoperability is indeed crucial to the growth of blockchains because it enables different blockchains to communicate and exchange information with each other, which expands their functionality and potential use cases.
“Interoperability is key for blockchain growth. As more DApps are built on #Cardano, it is essential that they are not siloed to just one ecosystem, enabling users to interact with different blockchains and access a wider range of services.”
It also aims to solve this problem by enabling different blockchains to talk to each other. This can be achieved through various mechanisms, such as cross-chain communication protocols, bridges, or interledger protocols. With interoperability, it becomes possible to create cross-chain applications, where different blockchains can work together to provide new and innovative services.