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The Cardano community approves a subsidy of $ 70 million at the IOE for upgrades. With ADA holding key technical support levels, an escape greater than 0.74 could prepare the ground for more increase.
Cardano (ADA) is preparing for a major jump forward. The community has approved a subsidy of $ 70 million for engineering engineering (IOE) engineering to carry out key upgrades through the network.
With funds published on the basis of integrated milestones and checks, this decision would strengthen confidence and potentially bring a new dynamic for the price of ADA.
The Cardano community approves the subsidy of $ 70
The Cardano community has approved more than 96 million ADAs (worth around $ 70 million) for entry engineering (IOE) in order to perform major upgrades on the network.
Supported by nearly 74% of voters, the proposal is one of the greatest treasure allowances in the history of Cardano.
“The roadmap, developed in alignment with community priorities and approved earlier this year, describes one of the most ambitious development phases in the history of the chain.”
With this, IOE has announced its emphasis on improving scalability, transversal features and developer tools thanks to upgrades like Ouroboros Leios, Hydra and Mithril.
The subsidy will be spent in phases, linked to specific milestones, with monitoring of intersect and chain intelligent contracts to ensure transparency and responsibility.
The IOE has also announced the intention to publish regular updates and budget reports, to keep the community informed and committed.
Development activity peaks
Cardano’s development activity has leapped, an increasing number of contributors leading to coherent code updates at the end of July.
This increase came even if the price of ADA fell below $ 0.62, so the confidence of the manufacturers remained strong despite the weakness of the market.
Source: Santiment
At the beginning of August, ADA rebounded at $ 0.735, in accordance with a new increase in development activity and the number of contributors.
It would be a sign of growing optimism of investors linked to the approval of subsidies of $ 70 million and upcoming upgrades, by asserting a sustained recovery.
ADA holds the support as a Key Mas test test
Ada tried a rebound after finding support nearly $ 0.69, just above the lower Bollinger group.
Trading at $ 0.7304 at the time of the press, ADA was above the EMA 200 ($ 0.7067) and retests the 50 EMA ($ 0.7240) as resistance.
The MACD remained in the lowering territory but showed signs of softening the momentum, referring to a potential optimistic crossover. Bollinger bands tightened, suggesting that volatility pressure could occur.
Source: tradingView
If ADA collects the midline and erases $ 0.74, it could target $ 0.79 afterwards. The failure of the rupture above EMA 50 can trigger another drop to $ 0.68. The price structure will remain neutral both that the support takes place.
