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  • Cardano price remains bullish as bulls target $5.
  • Cardano Alonzo Purple hard fork to be tested over the weekend.
  • The MACD and RSI validate the bullish thesis.

ADA price rises by more than 19% in the last 24 hours as Cardano’s Alonzo Purple upgrade launches and the full-rollout of Smart Contracts on the Cardano blockchain network is tested. At the time of writing, Cardano price was hovering at $1.77, the highest since June 04.

Latest on the Cardano Alonzo Hard Fork

Cardano founder Charles Hoskinson spoke to the Cardano community in a video posted on Tweeter earlier today to update them on the progress of the Alonzo hard fork. He said that the company would make an announcement on Friday when the Cardano network will be able to fully support smart contracts. Hoskinson said:

“We’ll be able to announce when the Alonzo hard fork is going to happen, and at that point you’ll be able to run smart contracts on Cardano.”

However, he revealed that the launch will come before the Cardano summit slated for next month.

Users started on-boarding the Alonzo Purple testnet on over the week. Note that this is the third and final stage of Cardano’s Alonzo upgrades, after the Blue and White upgrades were rolled out.

Alonzo Purple is sent to be the first fully public mainnet to facilitate  decentralized finance (DeFi) as earlier versions like Alonzo White were limited to a small group of 500 users.

The latest rally in Cardano price may be attributed to these

Cardano Price Rise Faces Little Resistance to $5

ADA price prediction is largely bullish following the news on the Cardano network update.. Note that Cardano is currently battling resistance at $1.84 level. Note that a daily closure above this level will validate the bullish thesis and steer ADA on a clear path towards $2.0. Around this area is where the 2021 rising trendline coincides with the apex of a descending triangle.

A breakout beyond this point will put Cardano on a clear trajectory to $5.

Crypto signals such as the position of the MACD above the signal line in the positive region and the position of the entry of the RSI into overbought region adds credence to this bullish thesis.

  • Do you wish to trade Cardano? This guide on crypto exchanges might be helpful.

ADA/USD Daily Chart

Cardano Price Daily Chart

Moreover, the In/Out of the Money Around Price (IOMAP) metrics by IntoTheBlock show that sits on robust support. Immediate support at $1.67 lies within the $1.67 and $1.72 investor cluster where roughly 106,270 addresses previously bought only 780 million ADA. This support is robust enough to absorb any selling pressure.

Cardano IOMAP

ADA IOMAP AUG 11

On the flip side, if the Alonzo purple update enthusiasm does not push Cardano above $2 , ADA might fall towards the 100-SMA at $1.46, the 50-SMA at $1.32 and the 200-SMA at $1.25.

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