- ADA/USD moved to its all-time high level above the $2.5 level amid the recent developments in the network.
- Cardano’s price prediction is strongly bullish above an intraday pivot point level of 2.312525.
- Forex trading participants may look for a sell trade below the $2.500 level to the target of $2.3000 and $2.2500.
On Friday, the ADA/USD was trading sharply bullish at $2.49, adding +4.86% so far. The day before, the ADA/USD closed at $2.438962 after placing a high of $2.452231 and a low of $2.046383. Cardano continued its bullish momentum and extended its gains for the day. The ADA/USD moved to its all-time high level above the $2.5 level on Thursday amid the recent developments in the network. If you are wondering what to expect and where to buy ADA, let’s find out below…
Cardano’s Alonzo Upgrade Date Revealed
Investors were keenly awaiting the release of the Alzono upgrade that is scheduled to launch in September. This upgrade will enable smart-contract functionality in the network.
Firstly, it will enhance the efficiency of the network, supporting investors’ interest in ADA.
Secondly, it will address the critics who have been describing it as one of the most glaring deficiencies of the network.
The functionality of smart contracts would allow Cardano to incorporate more applications. That includes decentralized finance platforms that will enable automated lending and trading of cryptocurrency. This improvement will attract more developers and put the network better positioned to challenge the second-largest cryptocurrency, Ethereum.
Cardano versus Ethereum – ADA/USD Supported
ETH is currently a leader among blockchains with the functionality of smart contracts. Some other Ethereum competitors are Polkadot, Solana, and now Cardano will also enter the Ethereum-killer zone. Investors are pushing the prices of ADA/USD higher amid the upcoming launch of the Alzono upgrade.
At the same time, the optimism that this move will further support the network has pushed its prices to a new ATH at $2.5 and above. Over the last 30-day timeframe, Cardano’s token ADA has seen about 60% growth in its prices. Thus, prices have surpassed the benchmark $2 level.
Charles Hoskinson Won a Bet of $50,000
It is also reported that Charles Hoskinson, the co-founder of the Cardano network, has won a bet of $50,000. In mid-July, Polymarket, a cryptocurrency betting site that allows users to bet on the outcome of several events, started a bet on the upcoming launch of smart contracts and said that the network would not be able to launch the upgrade by October 1st.
However, as the upgrade of Alzono is expected to launch in September, it seems like Polymarket will have to pay $50,000 to Charles Hoskinson, given the bet mentioned above. This news also added to the value of ADA/USD and pushed its prices above the $2.5 level to an ATH.
Cardano Price Prediction – Technical Levels
Support Resistance
2.172819 2.578667
1.906676 2.718374
1.766970 2.984516
Pivot Point: 2.312525
ADA/USD Completes 1.618% The Fibonacci Extension – Where to Buy ADA?
Cardano price prediction is strongly bullish above an intraday pivot point level of 2.312525. On the 2 hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) extends support at 2.2800. Since the ADA/USD has crossed above this level, the chances of a bullish trend remain pretty solid.
On the 2 hour chart, the Fibonacci retracement tool is likely to provide resistance at the $2.500 level. This level marks the 1.618% Fibonacci extension level for ADA/USD. The breakout above this level could drive additional buying until the 2.618% and 3.618% extension levels of $2.87 and $3.26, respectively.
The ADA/USD is facing immediate support at 2.2500, and a bearish crossover of this level could extend the selling trend until the next support level of 2.2672. Since the ADA/USD price is closing above 50 EMA, the bullish bias remains potent.
Yesterday, Cardano formed a solid bullish engulfing candle above 50 EMA, driving a stable upward trend in ADA/USD. However, the ADA/USD’s Stochastic RSI indicator has entered the overbought zone, suggesting bulls are exhausted. Thus, the failure to break and close above $2.50 could trigger profit-taking in the ADA/USD pair.
Therefore, forex trading participants may look for a sell trade below the $2.500 level to the target of $2.3000 and $2.2500. Alternatively, we may see a buying trend upon the $2.5000 level breakout with a target of $2.8700. All the best.
Where to Buy ADA?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
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