The key question which remains is whether Smart Contracts would affect the price of ADA and cause it to soar. The Grayscale announcement gave it a tiny boost, but it’s now back at 1.30. Cardano Price appears to require something major in order to achieve a significant breakout.
It’s also difficult to envision Cardano rising until bitcoin reaches a new high. When bitcoin is surging, ADA, like everything else, will erupt on the little bit of news.
ADA Price rose higher earlier this month, in July, and attempted to break the $1.47 barrier. Since then, the price of ADA has declined, falling below $1.40 and finding support at $1.33.
The clearance of the overhead resistance of $1.36 is a must for ADA bulls to re-establish their control.
If bulls break above $1.40, the zone will be the key obstacle, with a bearish flip likely to bring the price towards horizontal support around $1.283. At $1.106, the main support zone exists. The altcoin is currently trading at $1.30. It is down by 1.68% in the last 24 hours.
After entering pre-sold territory during yesterday’s sell-off, the Relative Strength Index is looking for a reversal.
The Convergence of Moving Average The shrinking histogram inside the negative zone, on the other hand, shows that divergence is unaffected by the prospective reversal.
Analysts Remain Bullish on ADA Price
Crypto capo, a popular trader, and analyst, recently warned his 138.3k followers through Twitter that now is not the time to be pessimistic on Cardano. He believes ADA will continue to rise against BTC for the rest of the year, reaching an all-time high in late December.
Crypto analyst Benjamin Cowen recently expressed his support for Cardano, saying that it has fared well in comparison to other cryptocurrencies.
$ADA is a racehorse – one of the coins that has held up the best and continues to look relatively strong compared to many other cryptocurrencies