Github commits are an estimated indicator of a blockchain communitys underlining health results show that cardano led with 701 github code repositories 24 higher than its commits from the previous years, whereas ethereum came in second place with 447., so things are definitely heating up between the two ecosystems And we have, of course, got to acknowledge the recent flood thats been out there regarding concurrency and some issues that a few decentralized exchanges have been having. This is all about whether you can have more than one transaction per block and uh. We have seen things like mind swap shut down their test net following this concurrency issue, essentially, a single block representing a single transaction. This is a big setback for transaction heavy, defy applications which rely on blockchain based smart contracts for every function. Nonetheless, however, cardano has defended its smart contract design by saying it is a feature and not a bug. Its in design improves the security and reduce the probability of unexpected fees. Moreover, concurrency issues alike. The all four mentioned are avoidable okay. So, unlike uh things like ethereum, where bugs are very common, that might be where you initially want to jump straight to to say theres a bug here, and this is actually a built in feature designed specifically to keep things more secure and, of course, to keep costs. Predictable – and so i think this is where we have issues with the learning curve that it takes to actually build decentralized applications upon it.

With that being said, though, i think uh once you actually start to understand how this system works, understand its features and benefits. I think you can avoid all of these issues, so i really wanted to kind of start this video off by talking about the fantastic news that there is a very healthy cardinal community lots of github, almost double that of uh of what is going on with the Ethereum chain and uh, despite the fud, there is some fantastic things to come so in this video guys were going to dive into the recent price action of ada to see exactly what is going on there and what we might be expecting to happen next, as smart Contracts only roll out tomorrow, as we get into this video, if you find it useful and informative, then do hit the like button. I really do appreciate that, if you are new to the channel, then do subscribe tap the bell and select all notifications in doing so. You will be kept up to date with absolutely everything that we do here right with. All that said done and out of the way lets dive on down into the desktop and take a look at what is going on with cardano. Okay, guys were going to start things off with this weekly chart, um alec. We usually do we talk about these five impulse waves to the upside and what you want to just kind of uh reassure people that the structure here is still intact and there isnt anything major kind of going wrong with the structure for the long term.

We can also see that things started back in march of 2020 and really kind of wave. One peaked out in july of 2020 wave two, which is your first correction wave, was actually quite flat in its nature and did bottom out uh in september of 2020.. Here we and start to see by the end of the year going into the new year a nice strong impulse wave to the upside, where we can see things peaking out in may of 2021 and from our low of march 2020 and our high of may 2021 Weve seen 14 000 in games, which is fantastic. This was then followed by a short, sharp correction wave of wave four here and which bottomed out with a double tap uh. We had the first hit on that low area on the 21st of june, followed by the second one on the 19th of july and ultimately, that correction wave took us into the oversold area, and now we start to grow back to the upside. We can see that during wave one, we were overbought for quite some time. We entered this area in may 2020. We did not leave here until august of 2020.. The same can be said for wave three. We spent a bit of time up in the overbought area. We entered this area in november of 2020 and we did not leave it until march of 2021, so right now entering the overall area in the same way that we have seen previously, knowing that we can be up here for several months before we actually go back Down to the downside and start talking about bear market overall, the correction that weve seen so far is pretty much in line with some of these other corrections that we have in this space, even during this kind of impulse wave to the upside.

So, overall, nothing is really going wrong with this, and everything is still on track and to kind of come to a good close at the end of the year now we obviously have several different targets associated with um everything that were talking about here. For for this fifth wave and the fibonacci retracement tool which well get into in a moment, shows 7.22 as the peak for the ball run, and but i do think that we are actually going to blast past. That and the reason for this is, i think that ultimately theres a lot of things that technical data does not know. It does not know about those github repositories, for example, and all those commits they are significantly higher than that of ethereum and uh. What we want to do is the you know this particular data doesnt know whats being built on the ecosystem. What is coming, what is migrating over from ethereum to cardinal and all of that good stuff, so what were going to start doing is once we have the smart contracts launched and well see this potentially sideways trade for a while and then were going to start seeing A volume come in and because of all these new projects launching on the ecosystem, this could take us up to that 10 range. This is my first kind of assumption of where things are likely to go from here. We have fifteen dollars twenty dollars and twenty five dollars and again, this is where we just speculate as to how high things are likely to go right now.

We do not know until we start seeing some of the new data actually flow into the technicals and but for now i think ten dollars is a nice over um stretch on the 7.22 and a target that we should all kind of have in mind its a Nice round number, so it will have a bit of a psychological barrier to it. Other than that. I do think we could potentially blast straight on past there, as we are expecting a significant amount of adoption of the cardano ecosystem. With those smart contracts going live. It will not be instantaneously were not expecting that the 12th to come around and an instant green candle is just going to straight to the upside, in fact, were going to have to wait for launches of several projects and several migrated projects from the ethereum ecosystem. To the cardinal ecosystem and well see a nice steady growth to the upside okay, nothing will be instantaneous and everything moves. Doesnt move with straight lines: you have a nice steady flow with nice, steady corrections right lets jump down into our daily. This is where we see most of the most kind of current stuff thats been going on, and we want to talk about the kind of peak up here. Obviously, setting new all time highs, um up on the 2nd of september, the slight pullback bitcoins pull back and then the recovery that weve had so far. We can see that were in an interesting zone just here, and but there is again an interesting kind of pullback that we can see in line with the the breakthrough of our 786 area just here and well get into that uh in a moment on the um On the hourly rate, but we can also see that were incredibly oversold here on our daily, which is fantastic to see, because this is where we were when were all the way down at this bottom area.

So now we have this kind of growth pattern that weve seen previously in terms of all of that, and that could be achieved yet again now for cardinals so again looking to really get some traction going with it on the cardinal side and as we go after The first target of 3.37 and the resistance line here is very strong, but uh pushing past that 2.97 and pushing up towards 3.37 should be something that we uh. We could see within the next few weeks. I would have thought as long as bitcoin decides, to to kind of play game and behaves itself of course, um, as we jump down into our hourly view. This is where we start to see some of the more recent kind of price action and what has been going on here. We can see that were overbought, so we are expecting a short pull back here, uh in terms of our current price, so overbought area on the stochastic. We will be looking for a correction, although we can be sustained up here for a while. This is a shorter time frame, so we are more than likely going to pull back, probably within the next 24 hours, or so that pullback could take us down to some interesting areas. Im just going to try to highlight a few um. This seems like a very sensible area. Let me just grab my um horizontal ray here, and this area just here seems like a pretty sensible zone which would put us at about 2.

32 and again, we could just over extend that to 229 area. Okay, so a small pullback before we actually get that traction moving back to the upside overall, what we are looking for is uh, basically higher highs to consistently be set um or higher lows. I should say so. What we can see here is the initial pullback from bitcoin taking us down into this area here. We then have another high air, a low, a higher low set just up here, okay, so this low is higher than this low and then we set another low area here, but this is a higher low than this one and this one. So we are setting a bunch of higher lows as long as we continue to do that, thats going to be abolished, uh sentiment that allows us to continue the growth to the upside okay. So, overall we got to be mindful over where we are sat here and uh. Obviously just be aware that we are looking for short term pullback, but long term gain were oversold on the air daily and the uh. The weekly is in a pretty good position to continuous overboard area so overall, and the push to the upside is something that we are seeing on. The on the larger time frames. Its only volatile on the smaller time frames right. So we have to just keep our emotions in check as we continue the sideways trading and allow us to basically continue the push steadily to the upside.

Get that recovery under the belt and then move to all time highs. And we can take a look at a couple of interesting things on the charts here in terms of downward trend, and so there is a downward trend forming here. From from this kind of motion and again theres an upward trend line that we should also kind of acknowledge, which would be over here, okay so again well be looking to see if this intersects well for tomorrow, whether were going to push to the upside or have That break, and that is very much needed on the back of the smart contracts. Usually, though, and with something like um, fantastic news, like smart contracts, you usually find a break to the downside, as people sell the news, however, weve kind of seen a lot of the selling already occur that we actually have been now primed for a good break to The upside, so all this to play for here, as we start to see things actually unfold, and, of course you know with smart contracts going live, am tomorrow um. I think theres going to be a few happy people who maybe were gambling and betting that uh cardinals smart contracts will launch before october, the first and some very unhappy individuals who were betting against the cardinal ecosystem, launching their smart contracts on october. The first now that they were neither way um its been fantastic to see that the smart contracts are looking to launch um.

And it is a bit of a learning curve. But if youre wanting to know a little bit more the differences between solidity and haskell and we did an interview with dr ben gertzel from singularitynet um, he is migrating from. I say my hes actually building on top of the cardano eco system, um and um. He is very familiar with his current dap running on the ethereum ecosystem. He compares solidity to haskell and uh youre able to kind of understand. You know the benefits of haskell over. You know solidity and everything that is going on there with marlowe as well. So do check that out if you want to get the insight as to why um dr ben gertzel has said its a superior system overall and much better than that of the cardinal ecosystem, and so do check it out. If that is of interest to you guys, hopefully you have found this brief update on cardano, useful and informative.