Cardano Price Prediction: ADA Uptrend Remains Intact, With Bull Still Eyeing $0.55 Resistance
- Cardano has rebounded from its 21DMA back to the $0.51 area, with its recent uptrend looking intact.
- Bulls are still eyeing a retest of $0.55 recent highs and a possible ascending triangle breakout towards late-May/early-June highs.
- Cardano’s founder Charles Hoskinson said he didn’t expect further Vasil hard fork delays earlier this week.
Cardano Bulls Continue to Look for Retest of $0.55 Recent Highs
ADA, the native token that powers the Cardano blockchain, has bounced more than 2.5% on Wednesday, amid a broad uptick in cryptocurrency prices thanks to an improved global macro risk tone. ADA/USD was last changing hands close to $0.51, having found solid support at its 21-Day Moving Average in the low-$0.49s earlier in the session.
The latest ADA bounce suggests that the uptrend from mid-July lows just above $0.40 remains intact. Short-term bullish speculators will likely continue to position for a retest of recent highs in the $0.55 area.
As noted in prior articles, Cardano looks to have formed an ascending triangle formation in recent weeks. The $0.55 area has been acting as the ceiling, while the aforementioned uptrend has been offering support. Technical patterns like this often precede a bullish breakout. For such a break to occur, ADA would need to push above $0.55, but if it can muster this breakout, then the door would be open, technically speaking, for a swift rally all the way to test the late-May/early-June highs in the $0.67-$0.69 area.
Cardano Founder Hoskinson Doesn’t Anticipate Further Vasil Upgrade Delays
Earlier this week, Cardano’s founder Charles Hoskinson said in an interview that he doesn’t think there will be further delays to the Vasil hard fork and that final testing is being done. “We’re kind of in the final stages of testing in that respect… So unless anything new is discovered, I don’t anticipate that we’ll have any further delays,” he said.
Hoskinson noted that things are “steadily and systematically” moving in the right direction and that the Cardano development team at Input Output Global (IOG) should hopefully be ready to deliver a progress update by mid-August.
Swiss “Digital Bank” Sygnum Introduces Cardano Staking Service
Swiss bank Sygnum will not offer a Cardano staking service to its clients, allowing them to generate yield whilst HODLing ADA with the bank. The Swiss bank, which refers to itself as the “world’s first digital asset bank”, said it stake services are “fully integrated with its banking platform, with institutional-grade security guaranteed with via segregated wallets, secure private key management and multi-layer security infrastructure”.
No. of Deployed Cardano-based Smart Contracts Surpasses 3,000 Milestone
In a major milestone in the development of Cardano’s Decentralized Finance (DeFi) ecosystem, the number of smart contracts deployed on the Cardano blockchain va Plutus Scripts (Cardano’s main smart-contract platform) recently surpassed 3,000, according to Cardano Blockchain Insights data. Cardano’s Alonso hard fork upgrade back in 2021 added smart contract functionality to its blockchain for the first time, kickstarting the development of Cardano-based DeFi applications.