- Cardano price had two straight bearish sessions.
- Healthy support for ADA lies at $1.55.
Between May 24 and May 26, the Cardano price has had a hattrick of bullish days during which it jumped from $1.30 to $1.70 – gaining $0.40 in its overall valuation. This followed a $1 crash, wherein ADA dropped from $2.30 to $1.30. Let’s take a closer look with technical analysis.
Cardano Price Fails To Cross 20-day SMA
On May 27, the Cardano price failed at the 20-day SMA and dropped to $1.63 over the next 48 hours. However, the overall market momentum is bearish, as per the MACD and the parabolic SAR.
Image: ADA/USD daily
Looking at the IOMAP, we can see that Cardano price faces resistance at the 20-day SMA. Previously, at this level, over 147,500 addresses had purchased almost 3.15 billion ADA tokes.
Charles Hoskinson Explains What Makes Cardano Better
Charles Hoskinson, the founder of Cardano, explained why Cardano stands out among blockchain platforms such as Ethereum. In a recent interview with Yahoo Finance, Hoskinson was asked what makes Cardano better than other platforms. To this, the CEO said that Cardano works better than conventional legacy systems because of global settlement features, lower cost structures, etc.
In Hoskinson’s opinion, the blockchain platform makes it easier to “scale things down.” He cited the example of micro IPOSs, which help small-scale firms and not just deals worth hundreds of millions of dollars. He added that they created Cardano because they wanted to build a collection of protocols that can offer advanced features, specifically for the developing regions around the world.
The founder said that over the next 30 to 50 years, people in these countries would build up wealth, and “they could be at a completely alternative system that has built into it everything.” Hoskinson was then asked for an update on what’s being built on Cardano and how this compares to the offerings on other rival platforms. Hoskinson answered:
We try to do more holistic things. It’s not just can you process smart contracts. It’s also can you do that with identity and compliance? Can you do that with metadata? Can you do that with automated regulation?… Can you do that at a scale for billions of people? Can you do that with some notion of governance that doesn’t require a custodial entity to always be around to take care of it?
The executive added that Cardano was built to be holistic. As for smart contracts, he said that they are ready for rollout. Hoskinson mentioned that the team started December with metadata and that allowed them to bring identity to the blockchain. He highlighted that they have already started deploying those systems in Georgia and Ethiopia for five million students.
Commenting on the next venture, he said:
The next major milestone was ability to issue assets on the platform. We’re seeing the largest adoption there with NFCs, and there’s a lot of NFT platforms coming in, and the final rollout will be programmability. So, that’s smart contracts, and that’s imminent in the platform. So, in the next 90 days, we should see a lot of beta testing and that it’s just a question of what’s the best time to do that for all the people who use it.
Cardano Price Is Expected To Reach These Levels
The Cardano price will likely drop to the $1.55 support line. A further break will take ADA down to the 50-day SMA.