Cardano Price Analysis
Cardano has finished July on a higher note, as the crypto market has bloomed again in the last ten days, with most cryptocurrencies trading in the green, and August may bring in more opportunities for the bullish investors and traders.
ADA price is currently trading at $1.35 and is expected to surpass $1.5 in the near future. In the meantime, the ADA/BTC pair has gained 3.13 percent in the intraday session. In the intraday session, the price of Cardano increased by 4.36 percent.
ADA’s strong price momentum on the upswing may come to a halt near $2. Also the altcoin’s weekly technical chart shows a strong positive trend over the coming weeks.
Before reverting, the ADA price soared to an intraday high of $1.38. If the upswing continues, the important $1.40 level will be in play. After that, $1.50 enters the picture. On the downside, $1.25 is a strong support level, followed by $1.22 and $1.19.
The awesome oscillator is flashing a buy signal as well as the Moving averages hint towards a positive outlook. Moreover, Cardano price technical indicators imply that the price will continue to rise in the future, hence the ADA coin price is currently in an uptrend.
Updates and Upgrades
Charles Hoskinson recently spoke about upcoming Cardano improvements. On his YouTube live stream, the founder was speaking. When asked about the planned Alonzo hard fork, Hoskinson replied, “We are on pace, things are moving along, chugging away.”
Most of the development infrastructure, according to Hoskinson, will be built between August and September. Users will be able to perform smart contracts as soon as the Cardano infrastructure is hard forked, according to the founder.
Despite some severe delays in the implementation of some critical initiatives, Cardano’s founder has been working hard on it.