Cardano price movement, since past a couple of days appears to be stagnant, waiting for a wider boost to decide the upcoming movements
The chances of a substantial plunge are also high if the price follows the previous trend and hit the support zones close to $1
Cardano ecosystem seems to be in the final stages of rolling out smart contracts that may fuel the ADA price rally
Cardano ecosystem had been working on smart contracts for a pretty long time. However, with the launch of a decentralized exchange on the Cardano blockchain, smart contracts could be just an inch close for launch. And hence, the Cardano price could smash the barriers that are currently hindering the rally.
Cardax DEX has already raised a seed round for $1.5million and is expected to be launched by September 2021. And hence the ADA smart contracts also appears to be approaching very fast which can majorly impact the assets price. Nevertheless, the price currently appears unsure of the next move. As the price remains more or less stagnant for the past couple of days.
The price appears to have been stuck within a symmetrical triangle and if it fails to break, then it could slide down confirming the pattern. And hence the bottom levels at $1 could also be tested once again, consolidating forming lower lows. However, the price can eventually flip the bearish divergence with a considerable jump from the current levels.
On the other hand, the market sentiments are currently not completely bearish neither bullish. And hence in such a case, the Cardano price could be at pivotal levels wherein the price could either flip the bears or else fall into a bearish trap. Therefore an upcoming couple of days can be important for the ADA price to confirm with the trend.