The first NFT lending and borrowing platform, Aada finance, launched a bug bounty competition scheduled to come up on September 13. According to the Tweet of Aada finance, they will spend $250,000 for this bounty program.
The community members can join the program by finding protocol bugs. They believe it will ensure the safety of the users’ funds and protect Cardano’s decentralized finance system. This initiative will improve the community sentiment and ecosystem.
Aada finance is also working on launching Aada V1, which has been used in the test net for the last few months. It is based on a unique NFT bond technique that carries out the exchange on this network. After that, Cardano will launch the Vasil upgrade, which will further improve the protocol by focusing on the safety and transparency of users’ data and assets.
As a result, other prominent crypto exchanges such as Binance, Bitrue, and MEXC are also considering upgrading their nodes. However, Cardano is growing as a community for its advanced features for dApps, especially after delisting on the Robinhood platform.
The founder Charles Hoskinson also believed that the Vasil upgrade would encourage dApps users in the Cardano ecosystem because it would improve transaction speed and scalability.
Indeed, these positive sentiments will drive the ADA price up. If you are interested in taking the benefits, please read our Cardano predictions to identify the key levels before setting a short-term trade.
At the time of writing this post, ADA was trading around $0.5, which is between a strong resistance and support of $0.54 and $0.45, respectively. Cardano was trading in the lower half of the Bollinger Bands in August. Now the ADA coin is trading in the upper half, which suggests bullishness in the market.
$0.45 is strong support for this coin, so it will not break this support now. Technical indicators like RSI and MACD are showing positive momentum in the market, so it will break the resistance of $0.54 in the next few weeks. We think it is an ideal time to take a swing trade.
After hitting a high of around $3, Cardano has been in a downtrend. Now it is showing a sign of recovery, but we do not think you should invest in this coin (for the long term) until it crosses the level of $1.5 because it was strong price support of the ADA coin, which will work as a resistance.
Weekly candlesticks are forming around the baseline of BB, which is good for the short term, but you should not invest for the long term now.