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Cardano (ADA), the fourth largest cryptocurrency experienced a minor pullback from its 3-month high of $2.25. ADA was trading at $2.08 down by 4% over the past 24-hours. The altcoin closed 6 daily green candles on the back of 65% weekly gains before the minor price slump.
ADA price rise is being attributed to the slew of developments on the Cardano blockchain with Alonzo hard fork. The long-awaited smart contract integration date has been finalized for September 12 and many attribute the gains to the upcoming upgrade.
ADA is just 15% short of its May ATH of $2.46 and market analysts believe Cardano could get past $2.50 by the end of this week to register a new ATH. The altcoin is currently moving in an equilateral pattern on the one-hour chart and breakout upwards from the pattern can very well propel it to new ATHs above $2.50.
2.50 #ADA if this breaks to the up side pic.twitter.com/nGmzNwEO4m
— ADA Dolphin (@calgarycrypto1) August 16, 2021
Six Crypto Exchanges Begin Smart Contract Integration Upgrade
Input-Output, the research, and development company behind Cardano blockchain gave an update on Alonzo Purple testnet and the smart contract integration. The firm said Alonzo Purple testnet now has 250+ participants while also assuring to resolve the sync issues faced by some users.
Since spinning up the new #AlonzoPurple network, we now have 250+ participants on the network. Some SPOs/users have experienced configuration/sync issues on Purple. This is likely to be a setup issue so we will make sure everything is good before scaling further. 6/8
— Input Output (@InputOutputHK) August 16, 2021
The team also released Plutus “mainnet candidate” that will be passed to the next level of testing on Alam, Dorin, and Q&A testing.
“Today, we released the Plutus ‘mainnet candidate’ to the node team, who are now hard at work integrating this to their own Node final release candidate. This version will next be passed to Alan, Dorin & the QA testing team.”
Crypto exchanges have begun the upgrade for smart contract integration and as per the update, six crypto exchanges are currently engaged with the CF-led integration team. The anticipation around the major update has been a primary reason for the ADA’s price surge and the altcoin might achieve a new ATH before the final upgrade integrates on the mainnet in the second week of September.
Meanwhile, the first exchanges are making progress integrating with our components, with 6 exchanges now actively engaging with the CF-led integration team. We expect numbers to increase rapidly as the week progresses. 7/8
— Input Output (@InputOutputHK) August 16, 2021
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