- The Cardano price faces immediate resistance at $1.25
- The MACD shows sustained bearish market momentum.
The Cardano price had two bullish sessions in a row as the buyers attempted to retake control of the market. Over the last 2 days, ADA has grown from $1.17 to $1.18. Let’s take a closer look with technical analysis.
Cardano Price Downtrend Stopped By 200-day SMA
On July 12, the Cardano price met resistance at the 20-day SMA and dropped from $1.35 to $1.17 on July 16. ADA flashed a buy signal on July 15 with a red-nine candlestick, which eventually prompted the buyers to enter the market. Over the last two days, Cardano jumped up to $1.18. The MACD shows sustained bearish momentum, so the overall sentiment is still negative.
Image: ADA/USD daily
The Cardano price has the nearest resistance at $1.25. Previously, at this level, over 132,500 addresses had purchased nearly 2.5 billion ADA tokens.
Cardano Upgrades To Alonzo White
IOHK, the firm behind Cardano, recently announced the successful upgrade of its Alonzo testnet to the Alonzo White network.
"HARD FORK SUCCESSFUL: Delighted to report around 19.44 UTC today we successfully forked the #Alonzo testnet to the new #AlonzoWhite node. The new network is happily making blocks already."
The Cardano blockchain is in the midst of a multi-phase Alonzo upgrade that will bring smart-contract functionality to the blockchain. Each phase (named blue, white, and purple) will include more users, functionality, and features. Mainnet deployment is expected by the end of September.
On Twitter, the firm said:
"Over the past week, we have spun up a new network and onboarded our new intake ready to help us move us closer to smart contracts. Now the next stage of the journey begins.”
Earlier this month, Cardano launched its “Catalyst Circle,” a new community-elected group responsible for feedback and reporting on its Project Catalyst, a public fund supporting innovation in the Cardano community.
The recent testnet upgrade follows the backlash the founder of Cardano, Charles Hoskinson, saw on Twitter. Hoskinson was criticized for making projections that had not satisfied some of the expectations within the crypto community. IOHK added:
“As well as our core SPO group, we’re now joined by members of the Project Catalyst crew and more Plutus partners. Plus a few more pioneers to move us forward before opening up further. You can hear more about the journey in our mid-month update."
Cardano Price Is Expected To Reach These Levels
Having bounced up from the 200-day SMA ($1.35), the Cardano price needs to continue its upward momentum to reach the $1.25 resistance barrier.