The launch of Cardano’s smart contract functionality has been set for September 12th. There’s only one day left until the launch. On September 12th, 2021, at approximately 12:44 UTC, the network update and hard fork will take place during epoch 290.
Binance, the world’s largest cryptocurrency exchange, has already taken steps to ensure that its platform is compatible with the update. ADA token deposits and withdrawals will be suspended at 21:14 UTC on September 12th, 30 minutes before the upgrade and hard fork are set to take place.
If all goes well, the community hopes to expand the network to include defi, NFTs, tokenization, and other sorts of dapps. Alonzo is a character in Cardano’s timeline, which spans five eras and includes Byron, Shelley, Goguen, Basho, and Voltaire.
The ADA losses over the last few days came after multiple users of the Alonzo public testnet earlier this week reported issues with utilizing Minswap, the platform’s first-ever decentralized exchange (DEX).
ADA Price Analysis:
ADA has dropped by 16 percent in the last week and is now trading at roughly $2.50. Over the weekend, the currency tested resistance around $3.00 but was unable to break it. Cardano price has risen 15% from its September 8 swipe low to $2.55 where it is currently trading. However, the $2.55 resistance level is critical.
Investors can presume the altcoin price has a resistance-free path up to $2.74 if the bulls succeed in closing above $2.55. Overcoming this stumbling block and re-testing the $2.82.
If the bears drive the price below $2.50, the first support is at $2.25. After that, assistance comes in at $2.05. If the price falls below the $ 2 support level, it will almost certainly fall to the $ 1.5 level.