- 50 days EMA (Exponential Moving Average – Red Line) is likely to support at the 1.4750 level.
- Cardano price prediction remains bullish as it’s crossing over 50 EMA leve$l of 1.4755.
- Forex trading participants may look for a buy trade above the $1.4545 level to the target of $1.4980 and $1.5373.
The ADA/USD closed at $1.475207 after placing a high of $1.498745 and a low of $1.394693. The pair resumed its bullish trend after falling for a single day in the previous 19 days. Cardano price prediction remains bullish as it’s crossing over 50 EMA levels of 1.4755. The continuous rise in the price of ADA/USD lifted its prices towards the $1.50 level, which is its highest since 17th June.
Input-Output Hong Kong Underpins Cardano Price Prediction at $1.4545
The recent surge in ADA/USD was driven by the latest positive news on the network. The Input-Output Hong Kong announced that the Alonzo Purple testnet was up and running. After successfully integrating the first two Alonzo updates, Blue and White, the final Alonzo Purple update also rollout. It’s the first fully public Cardano testnet to support smart contracts.
The blockchain infrastructure and engineering company behind the development of the POS platform of Cardano, IOHK said that it was a critical moment. They made significant progress in the rollout of smart contracts on Cardano’s mainnet.
In simple words, the much anticipated Alonzo Purple upgrade has started onboarding users to its testnet, which will ultimately support the smart contracts on the network. The testnet is expected to host more than 150 developers and graduates of the ADA Plutus Pioneers graduate program. After the onboarding of this team, the testnet will become fully public, which is expected by the end of August or September.
Stronger Dollar Keeps ADA/USD Under Pressure
This news added to the already rising prices of ADA/USD despite the strength of the US dollar. The US dollar was strong across the board as the Fed officials gave hawkish comments on the monetary policy. Furthermore, the jobs opening data supported the US dollar and further capped gains in ADA/USD.
Cardano Price Prediction – Technical Levels
Support Resistance
1.413685 1.517737
1.352164 1.560266
1.309634 1.621788
Pivot Point: 1.456215
Cardano Price Prediction – Technical Outlook: Upward Channel Supports at $1.4545
Cardano price prediction is bullish as the pair is gaining immediate support over the $1.4545 level. The ADA/USD pair has closed a bullish engulfing candle that’s supporting buying trend in Cardano.
The ADA/USD is facing immediate resistance at 1.4980, and a bullish breakout of this level can extend buying trend until the next resistance level of 1.5373 level.
On the 4-hour timeframe, the 50 days EMA (Exponential Moving Average – Red Line) is likely to support at the 1.4750 level. Since the ADA/USD price is closing above 50 EMA, the bullish bias remains potent. The breakout of 1.4750 level can open additional room for selling until 1.4545 level.
Lastly, the upward channel will be the main highlight of the day, and the breakout of this channel will determine further trends in Cardano.
On Tuesday, the ADA/USD price prediction remains bullish above the $1.4545 level. Therefore, the forex trading participants may look for a buy trade above the $1.4545 level to the target of $1.4980 and $1.5373.
Alternatively, we may see a selling trend upon breakout of $1.4545 level with a target of $1.3985. All the best.
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