Cardano is getting closer to receiving full smart contract support, and in this review we will be reviewing how the price prepares for that event.
At the time of writing ADA is trading at $ 1.29. Accumulates a loss of 0.45% in the last 24 hours, but maintains a gain of 10.70% during the last 7 days.
In addition to the widespread positivism in the crypto market as Bitcoin attempts to break out of 40K, the ADA could also benefit from the upcoming update.
Currently the network of this cryptocurrency is in constant development. The current phase of the roadmap is called Goguen, and it is with which the use of smart contracts will finally be allowed on this blockchain.
Goguen in turn was divided into three stages, which are named Allegra, Mary and Alonzo.
The first two stages have already been deployed. Now we are awaiting the deployment of Alonzo, scheduled for August this year, but it seems that there is a delay, so this stage is still in the testing phase.
Alonzo is also divided into three test phases (blue, white & purple). On July 15, it was announced that the Alonzo Blue node forked to Alonzo White. This second phase would take a test period of between two and four weeks before moving to the final phase, before the full deployment of smart contracts.
We are really very close to the expected smart contracts on the Cardano network. Undoubtedly this would be promoting positivism, and to discover how far or when the price could start, he then carried out an analysis.
Cardano Price Technical Analysis: Daily Chart
In the time frame with daily candles we see how the price recently turned bullish in the short term, as the entire crypto market jumped in profit.
Today we see resistance at $ 1.31 hampering intentions, generating a small correction.
We might as well see the current decline spreading a bit further, or just pick up again from where the price is.
Either way, now the short-term odds have leaned towards bulls. But, it is also necessary to monitor longer time frames, as we will do next.
When we analyze the weekly Cardano chart, we don’t really see a very good scenario yet, due to the weak strength of the developing candle, and the absence of resistance breaks.
However, the constant buying pressure on the price of $ 1.00, and the impossibility of marking lower lows, tells us that it is very likely that the drop seen in recent months has already bottomed out.
It would not be unreasonable to wait for future breaks of resistance, in order to resume the upward trend in the medium / long term.
Immediate resistance is at $ 1.46. Going through it could be heralding even the search for new all-time highs.
Losing the support level at $ 1.00, would open the way to selling to $ 0.82. In case that next level is lost, the scenario would be more discouraging, since the land would be free up to $ 0.38.
All our publications are informative in nature, so in no case should they be followed as investment advice.