Cardano Technical Analysis: ADA Retreats After Hitting All-Time High
Daily Cardano ADA Price Analysis
- Cardano price hit an all-time of $1.79 earlier today.
- The price volatility for ADA has increased.
Between April 26 and May 6, the Cardano price jumped from $1.09 to $1.65 – gaining almost $0.56 in its overall valuation. During this upward surge, the Cardano price managed to flip the 20-day and 50-day SMAs from resistance to support. Since then ADA has been trending horizontally before reaching an all-time high of $1.79 earlier today.
Cardano Price Soon To Get Overbought
The Cardano price will likely jump even higher since the MACD shows increasing bullish market momentum. The bulls have been in control for four out of the last five days. However, due to this surge, the relative strength index (RSI) has crept into the overbought zone, which could soon trigger bearish correction.
Image: ADA/USD daily
Cardano price has strong support at $1.61. Previously, at this level, nearly ~40,000 addresses had purchased a little over 1.5 million ADA tokens.
DeFi And NFTs Come To Cardano (ADA) Through Occam and Bondly Partnership
Occam and Bondly recently announced a strategic partnership to bring NFTs and DeFi to Cardano.
Together, the two blockchain leaders will explore development synergies within the growing NFT market for Cardano, a proof-of-stake blockchain platform, to enhance DeFi capabilities and bring high-quality projects through the OccamRazer launchpad and the Bondly Launchpad.
Apart from accessing staking services, the Cardano community is seeing growth in dedicated Cardano NFT (CNFTs) platforms, with Cardano Kidz, Cardano Kings, Doodz, Cardano Space NFT, and several others already live and thriving.
Cardano founder Charles Hoskinson gave August as a soft deadline for a full smart contract rollout. As the date approaches, devs are beginning to announce details of their smart contract offerings on the Cardano chain.
Commenting on the tie in with Bondly, Mark Berger, President of the Occam Association, said:
Bondly has emerged as an NFT leader and together, we believed our partnership, and by extension, the Cardano ecosystem is a natural fit. Together, we will pursue opportunities to incubate NFT startups and bring high-quality projects across our respective launchpad infrastructure.
Bondly aims to make DeFi more accessible to users by building trust through its decentralized escrow service and marketplace. Launched on Polkadot last September, Bondly has built a reputation as an NFT specialist. Bondly also offers other services, including swaps, a DEX, and escrow service.
Bondly CEO Brandon Smith said that he is looking forward to working with Occam to achieve the untapped potential locked within the Cardano ecosystem. The Goguen smart contract era is close to completion but requires the rollout of the Alonzo protocol before that can happen.
During the Cardano360 event in late March, Hoskinson gave a rundown of the steps needed before Alonzo goes live to the general public. The Alonzo update has already been integrated into the ledger and node code.
Cardano Price Is Expected To Reach These Levels
The Cardano price will likely reach $1.85 or even higher psychological levels before facing a bearish correction.