Cardano Technical Analysis: ADA Faces Repeated Rejection At $1.35
Daily Cardano ADA Price Analysis
- The Cardano price has a crucial support wall at 50-day SMA.
- The daily chart has flashed multiple bullish sessions.
Over the last three days, the Cardano price has been hovering around 1.33 for the last three days. ADA is presently sandwiched between $1.35 resistance and the 50-day SMA. 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 Finds Critical Support At 50-day SMA
Since July 21, the Cardano price 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.
As pointed out earlier, the $1.35 resistance barrier is currently holding down the Cardano price and preventing it from closing a session above the $1.40 barrier.
Image: ADA/USD daily
As mentioned, the Cardano price faces resistance at $1.35. Previously, at this level, around 153,000 addresses had purchased nearly 2.27 billion ADA tokens.
Cardano Begins Countdown To Alonzo HFC
According to IOHK’s Charles Hoskinson, the Alonzo update on the mainnet is still a few weeks from now. The exec recently shared two-part changes that will take place on the network. For starters, addressing the Alonzo hard fork combinator event in a recent vlog, Hoskinson said:
“Now the Hard fork combinator event is strictly about getting Alonzo capabilities to the node and meaning that if the Plutus code was submitted, you would be able to execute those transactions to be valid."
Meanwhile, the second event is about building the infrastructure around that node. This would allow both off-chain and on-chain code while also encouraging the building of full DApps inside the system. Hoskinson added:
“…so, the first part is what the hard fork is required [for], everything else is software. Basically, you write stuff and it compiles down and runs in Plutus’ core.”
To reach the first Alonzo HFC event, the team needs to take care of other things first. For instance, the team required a fully integrated backend to a functioning node. Now that the acquisition of a fully functional node is complete, integration is a work in progress.
According to the IOHK exec, this will be completed by next week. After the same, Daedalus wallet will have to be integrated too.
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.