- The Cardano price will flip the parabolic SAR to positive by taking down 50-day SMA.
- MACD indicates sustained bullish market momentum.
Between June 23 and July 4, the Cardano price has jumped from $1.15 to $1.45. Following that, that, ADA encountered resistance at the 50-day SMA, even though it managed to reverse the 20-day SMA from resistance to support during the process. Here is what happened later.
Cardano Price Trends Horizontally Below 50-day SMA
Over the last three days, the Cardano price has been hovering horizontally around $1.42. The MACD indicates sustained bullish market momentum. As such, a further rise in price is expected.
Image: ADA/USD daily
The Cardano price faces crucial resistance at the 50-day SMA ($1.50). Previously, at this level, over 124,000 addresses had purchased nearly 1.7 billion ADA tokens.
VC Firm Vendetta Capital Funds Cardano-Powered IDO Launchpad
Blockchain and crypto-focused venture capital (VC) firm Vendetta Capital recently announced that it had invested in Vent Finance. The latter is developing a Cardano-powered Initial DEX Offering (IDO) platform called Ventup.
An IDO is when “a new project launches a new token through a decentralized liquidity exchange.” Ventup is launching on Ethereum in Q2 2021 and intends to migrate to Cardano in Q3 2021 (since it depends on Cardano’s Alonzo protocol upgrade going live on the mainnet).
Vent Finance said that Ventup is being built on the Cardano blockchain because Cardano offers “fast transactions, scalable and sustainable security built-in, interoperability, engaged community, and most decentralized blockchain.”
According to Vendetta’s press release, Vent is launching a minimal viable product (MVP) version of Ventup first on Polygon. It is also planning to build a Polygon-Cardano bridge after smart contract support has gone live on the Cardano mainnet, which means that Ventup 2.0 will likely be ready by Q4 2021.
Earlier, Vent Finance said that it is on a mission to create a simple way to decentralize funding through community-driven technology. The team at Ventup hopes to reset the "world’s expectations of what a decentralized launchpad is and help evolve the reputation and maturity of the DeFi and crypto ecosystem as a whole." It noted that it combines simplicity, security, and transparency, to "bring back a human aspect to the process."
Cardano Price Is Expected To Reach These Levels
The buyers must flip the 50-day SMA from resistance to support and reverse the parabolic SAR from negative to positive in the process. If the Cardano price does that, ADA will reach the $1.60 resistance.