Cardano Price Analysis: ADA Recovers The $1 Psychological Level

Last Updated July 23rd 2021
2 Min Read

Daily Cardano ADA Price Forecast
  • Cardano price had a bullish recovery after three straight bearish days.
  • The RSI has now fallen to the neutral zone.

Over the last three days, the Cardano price has dropped from $1.116 to $0.96. However, following this hattrick of bearish days, the buyers have taken back control and pushed ADA above the $1-level.

Cardano Price Recovers Above $1

The Cardano price is currently trending around $1.07 as the buyers managed to push ADA after three straight bearish days. The price had repeatedly tried to break below the 20-day SMA but failed. The relative strength index (RSI) is hovering in the neutral zone after dipping from the overbought area.

ada/usd daily chart 022521

Image: ADA/USD daily

The Cardano price has a moderate resistance barrier at around $1.12. Previously, at this level, around 30,000 addresses had purchased 615M ADA tokens. If the buyers gain enough momentum, they will be able to break above this zone.

ada/usd volume chart 022521

Image: IntoTheBlock

The 4-hour Cardano price chart shows us that the MACD is about to reverse from bearish to bullish, showing us that 

ada/usd 4-hour chart 022521

Image: ADA/USD 4-hour

Charles Hoskinson: “Smart Contract Stuff” Coming Into Cardano

Charles Hoskinson, the CEO of IOHK (the firm behind Cardano) said that the network will see many significant upgrades in the next two to three months. In a recent interview with Financial Fox, Hoskinson revealed that a lot of “smart contract stuff” will hit the network soon. 

The IOHK exec also said that over the past few months, he has met with the teams behind Celsius, SingularityNET, Fireblocks and Prime Trust for the purpose of adding support for Cardano. He added that prioritizing which of these entities will receive an integration first has been a challenge.

It’s necessary. You need that for Dapps, you need that for institutional investors to come in, you need that for all different kinds of actors and that’s what consumers the majority of our time right now as a company. 

Simultaneously, Cardano is also working on new initiatives. Hoskinson commented on some new announcements that may be underway. 

We’re going to be announcing several new things like a smart contract institute that specializes in smart contract development design embedded at a university. 

Notably, an update last week revealed that the Mary hard fork will officially hit the mainnet on the 1st of March. This will bring the much anticipated native multi-asset functionality to the Cardano network.

Cardano Price Is Expected To Reach These Levels

Cardano price is expected to touch the $1.12 resistance barrier. Upon breaking above this level, ADA should reach $1.20.