Cardano Price Prediction: ADA Must Take Down $1.55 Resistance barrier
Daily Cardano ADA Technical Analysis
- The Cardano price had six straight bullish sessions.
- RSI indicates that ADA is slightly overpriced.
The Cardano price had six consecutive bullish sessions, during which it bounced up from the 50-day SMA and went from $1.31 to $1.47. This bullish rally has been in the works since July 21, during which it jumped from $1.05 to the current levels.
Cardano Price On Strong Upward Surge
During the aforementioned rally, the Cardano price managed to:
- Reverse the parabolic SAR from negative to positive.
- Flip the 20-day and 200-day SMAs from resistance to support.
The relative strength index (RSI) indicates that ADA was hovering at the edge of the oversold zone. A further rise could lead to a bearish correction.
Image: ADA/USD daily
The Cardano price faces a massive resistance at $1.55. Previously, at this level, more than 90,000 addresses had purchased nearly 1.12 billion ADA tokens.
Cardano’s Alonzo Purple Is A Go
Cardano recently rolled out its Alonzo Purple phase, in time for the launch of the Hard Fork Combinator [HFC] event.
"ALONZO UPDATE: We’re delighted to announce that we have now successfully spun up #AlonzoPurple and have today begun the new user onboarding process"
The said update is in line with what was expected from Alonzo this week. In a recent vlog, IOHK Founder and CEO Charles Hoskinson had discussed the timeline for the event, with the exec talking about onboarding exchanges soon. Now, exchanges will be testing the changes, along with the infrastructure providers. They will also provide feedback to the team about any existing bugs or issues.
At the time, Hoskinson had said:
“Based on the feedback the exchanges are giving and the other infrastructure people are giving-they come together for a consolidated opinion of what is the best date of delivery based on the upgrade time.”
Alonzo Purple is a milestone event for the Cardano community. Especially since it will be the first fully public Cardano testnet to support smart contracts.
The IOHK team added:
“It’s an important moment, marking significant progress in the rollout of #smartcontracts on the #Cardano mainnet which is targeted for the end of August/early September.”
Cardano Price Is Expected To Reach These Levels
If the buyers do manage to push the Cardano price above the $1.55 resistance barrier, ADA should reach $1.60.