Cardano Price Prediction: Bulls Finally Storm Back In

Daily Cardano ADA Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Cardano price flips crucial level from resistance to support.
  • ADA is no longer oversold, as per RSI.
  • The Cardano price had been on a continuous slide between July 5 and July 20 wherein it fell from $1.45 to $1.05. During this drop, Cardano flipped the 20-day and 200-day SMAs from support to resistance. However, the buyers stepped up big time this Wednesday.

    Cardano Price Flips Past 200-day SMA

    Over the last two days, the Cardano price jumped up from $1.05 to $1.17, during which it flipped the 200-day SMA from resistance to support. Due to this jump, the relative strength index has jumped back into the neutral zone from the oversold zone.

    Image: ADA/USD daily

    ADA/USD daily chart 072221

    The Cardano price has the nearest resistance at $1.20. Previously, at this level, over 125,000 addresses had purchased nearly 2.2 billion ADA tokens.

    Image: IntoTheBlock

    ADA/USD volume chart 072221

    Cardano’s Alonzo White Hard Fork Successfully Completed

    Cardano (ADA) recently announced that it has successfully conducted the Alonzo White Hard Fork. A Twitter post confirmed that the network was making blocks successfully. There appear to be no problems with the hard fork so far. 

    The hard fork is the next step in bringing the Cardano network closer to smart contracts compatibility. The project has been in the works for a while. It is speculated that the network will be able to fully support smart contracts by September 2021. 

    The development team behind the Cardano project has said it will review feedback and results. Then start addressing any required fixes on the 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 Alonzo launch has been divided into multiple parts, each depicted by color. So far, Alonzo Blue and Alonzo White have been successfully implemented. And the team remains positive about staying on track with the remaining stages.

    Given the successful completion of the Alonzo White hard fork, the project will move on to Alonzo Purple. This part of the rollout will be separated into two parts. Alonzo Red and Alonzo Black. The success of these sub-stages will determine whether the Alonzo rollout continues to the next stage. This will be the staging for the complete move to the Alonzo Mainnet. 

    Source: Twitter

    ADA/USD twitter chart 072221

    The Alonzo Blue hard fork had given smart contract features to a select few users. Alonzo White hard fork gave an even larger number of this capability. About 500 users were given the feature and made validators in this test net. And everything has been working well so far.

    Following this, Alonzo Purple will most likely see more users given the capability. As the network moves one step closer to enabling smart contracts.

    Cardano Price Is Expected To Reach These Levels

    The buyers will need to push the Cardano price past the $1.20 resistance barrier to continue this upward trend.

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