Cardano Price Analysis: ADA Creeps Above 20-day SMA
Daily Cardano ADA Price Forecast
- The Cardano price volatility is decreasing.
- ADA will flip the parabolic SAR to positive by taking down 50-day SMA.
Between July 5 and July 10, the Cardano price dropped from $1.45 to $1.34. Prior to this, ADA climbed from $1.15 to $1.45 between June 23 and July 4. Over the last three days, Cardano has been hovering around $1.35. Here is what happened after that.
Cardano Price Flips Crucial Level
This Sunday, the Cardano price has jumped from $1.34 to $1.35 and flipped the 20-day SMA from resistance to support. The Bollinger Band has started narrowing to show decreasing price volatility. Having said that, the MACD still indicates sustained bullish momentum.
Image: ADA/USD daily
The Cardano price faces crucial resistance at $1.40. Previously, at this level, over 100,000 addresses had purchased nearly 2.35 billion ADA tokens.
Charles Hoskinson Responds to Cardano Critics About Platform Traction
Cardano founder and IOHK CEO Charles Hoskinson recently responded to critics of the blockchain platform and its native crypto asset, ADA.
Ethereum advocate and owner of This Week in Ethereum, Evan Van Ness, earlier scrutinized the number of transactions settled on the Cardano network relative to its market cap.
“Do people realize that Cardano barely does 20,000 transactions per day?
Yet ADA has a valuation of $63 billion despite zero traction a full five years after its initial coin offering (ICO). That’s $1.93 million in valuation per daily transaction.”
A pseudonymous crypto account called Undervalued Cryptos retweeted a set of predictions that Hoskinson made nearly a year ago, and claimed that some of Hoskinson’s predictions have materialized.
Hoskinson's prediction tweet from last year said:
"This time next year I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate."
The analyst's tweet says:
"Ok, so @IOHK_Charles predicted this a year back. Update: No asset on $ADA, forget 1000's of DApps not a single dapp on $ADA, only 1-2 projects announced working on $ADA @IOHK_Charles what happened to your predictions? What's the prediction for next 1 year now?"
The critiques caught Hoskinson’s attention, who responded directly to Undervalued Cryptos. Although Cardano has yet to launch smart contract functionality, Hoskinson pointed to IOHK’s plan to bring blockchain-based IDs to students in Ethiopia, the number of non-fungible tokens (NFTs) on Cardano, and the amount of value staked on the network as signs that Cardano is thriving.
"All things considered, the ecosystem is quite healthy and viable. And since that time of the prediction last year, we’ve seen a tripling of the population size of Cardano and obviously a lot of value accumulation as well. We’re the number one staked network in the entire space. Number one for commits…"
"Those who levy criticism at this project are either misinformed or malicious at this point. Cardano remains one of the fastest-growing, most stable, most mature and systematic of cryptocurrency projects, and we remain one of the top mentioned on every social metric in our industry."
Hoskinson says that many applications will roll out on Cardano once the Alonzo smart contract mainnet launches, which is expected to happen in August.
Cardano Price Is Expected To Reach These Levels
Having flipped the 20-day SMA from resistance to support, the Cardano price must now jump to $1.40 and take down this massive barrier.