Cardano Price Analysis: ADA Keeps Trending Along $1.24 Line

Daily Cardano ADA Price Forecast

Last Updated July 23rd 2021
2 Min Read
  • The MACD for Cardano price has reversed from bearish to bullish.
  • ADA has a strong resistance at $1.35.
  • On April 7, the Cardano price  found support at the 20-day SMA and has gone up to $1.28. It pretty much seems like the buyers and sellers are cancelling each other out. Let’s take a closer look with technical analysis.

    Cardano Price Has Been Trending Horizontally For More Than Two Weeks

    For more than two weeks the Cardano price has been trending along horizontally, sitting on top of the 20-day SMA. ADA reached an intraday high of 1.35, before it traded. The MACD shows sustained bearish market momentum. The relative strength index (RSI) is hovering around the neutral zone as buyers and sellers cancel each other out.

    Image: ADA/USD daily

    IntoTheBlock’s IOMAP shows that there is a resistance barrier at $1.35, wherein 17,150 addresses had purchased almost 480 million ADA tokens. However, Cardano price should be able to take over this line and reach $1.40.

    Image: IntoTheBlock

    Cardano Smart Contracts To Bring In Corporate Use Cases

    Cardano creator Charles Hoskinson recently revealed that its Alonzo upgrade would launch this coming August. IOHK, Cardano’s development company, announced that the Alonzo upgrade would add support for smart contracts to the Cardano blockchain. 

    The update will allow devs to build on the Cardano platform – a highly anticipated functionality that the Ethereum network currently offers. IOHK noted that the upgrade aims to support businesses and support developers wishing to build decentralized finance (DeFi) dApps. 

    Smart contracts mark the next phase in Cardano’s evolution as a worldwide distributed ledger. When supporting everyday business, a blockchain must guarantee that individuals can move their funds and pay for products in a secure way.

    Smart contracts help ensure that a transaction or a purchase is only made when certain conditions are met, enabling reliable and secure settlements. In May and June, IOHK plans to allow users to test the new product, which will also enable crypto exchanges and wallets “time to upgrade and prepare for the Alonzo protocol update.”

    Cardano Price Is Expected To Reach These Levels

    The Cardano price will likely rise up to the $1.40 resistance barrier.