0

Cardano Price Prediction: ADA Continues To Fail At $1.35

Daily Cardano ADA Technical Analysis

Last Updated August 4th 2021
2 Min Read
  • The Cardano price is hovering horizontally around $1.32.
  • ADA has multiple healthy support walls on the downside.

The Cardano price has been hovering horizontally around $1.32 after facing multiple rejections at the $1.35 resistance barrier. During this crawl, ADA managed to flip the 50-day SMA from resistance to support. Previously, Cardano dropped from $1.45 to $1.05 between July 5 and July 20, flipping the 20-day and 200-day SMAs from support to resistance.

Cardano Price Hovering Around $1.32

Looking at the Cardano price daily chart, it is pretty clear that ADA needs to break above the $1.35 otherwise it could drop pretty significantly. Thankfully, Cardano has healthy support at 50-day SMA to prevent a drastic drop. Between July 21 and July 30, ADA jumped from $1.05 to $1.33. During this jump, ADA managed to:

  • Reverse the parabolic SAR from negative to positive.
  • Flip the 20-day and 200-day SMAs from resistance to support.
  • Reverse the MACD from red to green.

Image: ADA/USD daily

ADA/USD daily chart 080421

As mentioned several times, the Cardano price faces resistance at $1.35. Previously, at this level, around 169,000 addresses had purchased nearly 2.35 billion ADA tokens.

Image: IntoTheBlock

ADA/USD volume chart 080421

Charles Hoskinson: Cardano ($ADA) Will Run Smart Contracts Right After The Hard Fork

Cardano founder Charles Hoskinson has confirmed that after the Alonzo hard fork smart contracts will be available on the cryptocurrency’s network and added that with time the infrastructure on Cardano would only get better.

During a live-streamed update, Hoskinson clarified two parallel tracks leading up to the hard fork. The combinator event will give “Alonzo capabilities to the node,” while the second track is about the “infrastructure around that node that allows you to run both off-chain and on-chain code and build full dApps [decentralized applications].” 

Hoskinson added that he believes the infrastructure necessary for the hard fork will be built “in the August-September time frame. 

The exec noted that Cardano users would be able to “run smart contracts the moment that hard fork comes on Cardano infrastructure and build an increasingly better environment for Cardano apps to be developed and deployed on.”

The founder of Cardano added that over time the sophistication of what people will be building on top of Cardano would only get better, but noted that since there are numerous integration partners involved the upgrade has numerous stages to avoid damaging the infrastructure around it. Nevertheless, right after the fork smart contracts will be executable.

Per previous reports, ADA’s popular Yoroi wallet launched a decentralized application connector that will make it easier for users to interact with smart contracts and these applications once they go live on the Cardano network.

It’s worth noting that the Alonzo hard fork is part of the network’s “Goguen” era, named after Joseph Goguen, an American professor of computer science from the University of California and the University of Oxford. The Goguen era comes after the Shelley phase, in which Cardano became a decentralized blockchain and community members became validators.

Cardano Price Is Expected To Reach These Levels

If the buyers push the Cardano price above the $1.35 resistance barrier, ADA should reach the $1.50 psychological level. However, repeated rejections could see ADA drop to the $1.25 support wall, which sees a confluence of the 20-day and 200-day SMAs.

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.