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Cardano Price Skyrockets! ADA Price set to Hit $2, With Introduction of New Token Type

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This week, cardano price gained 33%, propelling it to break the top angle of an upward price channel it had been trading in. ADA battled to break through resistance at $1.50, which was given by the 100-day MA level, prior to the breakout.

The breakout came yesterday as ADA shot to resistance at $1.70. Today, it continued to break resistance at $1.72 and reach as high as $1.90.

At the time of writing, it is trading at $1.86 up by 17.8% in the last 24 hours. Further, the immediate resistance is at $1.90. A break above will bring $1.97 to play. Incase of support from the broader crypto market, $2.05 and $2.17 will the next levels to hit.

However, if ADA dips, the support I stationed at $1.70. Further, $1.62 and $1.50 will come to play.

The RSI is overbought, indicating that the market momentum is dominated by buyers. The bullish momentum has reached its greatest point since February 2021.

Cardano Smart Contracts Launch Date To Be Out On 13 August, Will It Fuel ADA price?

A New Token Type is Introduced!

The Cardano Foundation is the first to introduce the concept of Non-Fungible Tokens of Appreciation (NFTA).They were provided by the platform to enthusiastic Cardano (ADA) contributors.

The Cardano Foundation, according to a comprehensive blog post, It celebrates the introduction of the Cardano (ADA) developer web portal in a unique fashion.

Ten Cardano (ADA) supporters who contributed to the blockchain’s advancement will receive the first-ever nonfungible tokens of appreciation (NFTAs).

NFTAs, as well as all Cardano tokens, are minted differently than Ethereum tokens, according to Cardano (ADA) developers. Cardano tokens are created in a similar way to ADA tokens, but without the use of smart contracts.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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