Cardano Price Prediction: ADA Bulls Keep Their Sights Set on $0.69 Resistance Area

Key Points

• Cardano is consolidating on Monday in tandem with a subdued feel to broader macro trade pre-risk events later this week.
• ADA continues to struggle with resistance in the $0.55 area.
• But technicians think a bullish breakout could open the door to a swift run higher to $0.69.

Cardano (ADA) Price Prediction

Like other major cryptocurrencies on Monday, ADA, the native token of the Cardano blockchain, is trading in a subdued fashion and below its weekend highs, amid modest profit-taking ahead of a week packed full of macro risk events. ADA was last changing hands in the $0.51 area, down about 7.5% versus multi-week highs printed just above $0.55 on Saturday.

While ADA/USD was briefly able to pop above $0.55, it is yet to convincingly crack above this level of resistance. Analysts suspect that a break above $0.55 could open the door to a swift rally towards late-May/early-June highs in the $0.67 to $0.69 area. That would suggest a possible 30% or more rally from current levels in a fairly short time frame.

So long as Cardano can continue trading comfortably above its 21 and 50-Day Moving Averages in the $0.47-$0.48 area, its technical bias is for now looking good. Aside from macro events this week, Cardano traders will remain on notice for any fresh updates regarding the recently delayed Vasil hard fork, which is expected to deliver significant upgrades to the network.

Let People Build Beautiful Things Regardless of How Long It Takes, Says Hoskinson

“Sometimes you just have to let people build beautiful things regardless of how long it takes,” Charles Hoskinson said in a tweet over the weekend. Hoskinson attached four photos of Barcelona’s unfinished Sagrada Familia church to the tweet, which he had visited that weekend.

Sometimes you just have to let people build beautiful things regardless of how long it takes. pic.twitter.com/eSpWl6ouro

— Charles Hoskinson (@IOHK_Charles) July 30, 2022

Twitter users interpreted his tweet as a tongue-in-cheek comparison of Cardano’s recent delay to its Vasil hard fork upgrade (which has further strengthened Cardano’s reputation for slow development), and the slow progress being made on the construction of the Sagrada Familia. The church, considered one of the most beautiful in the world, has been under construction since 1882 and is scheduled for completion in around four years.

Vasil Hard Fork Delay Recap

Last week, Cardano’s developer Input Output Global (IOG) said that the blockchain’s Vasil hard fork upgrade has been delayed for the second time in as many months. IOG’s technical manager Kevin Hammond explained that the delay is so that exchanges and API developers are “ready”, while IOG has also been focused on fixing a few testnet issues. “There could be a few more weeks before we go to the actual Vasil hard fork… All the users must be ready to progress through the hard fork to ensure a smooth process,” Hammond said.

According to IOG co-founder and CEO Charles Hoskinson, the Vasil hard fork project is “code complete” and “you probably could flip the switch and get away with it”. However, Hoskinson said that the Cardano development team wants to ensure everything goes smoothly following the Terra collapse.

Back in late June, the last time a delay was announced, ADA’s price dropped sharply at the time. This was not the case last week, with ADA supported amid the recent rally across the cryptospace, which analysts have out down to markets pricing in a less aggressive US Federal Reserve tightening cycle as the economy shows signs of significant weakness.