Cardano Price Analysis: ADA Prepares To Test All-Time Highs As Speculation Intensifies Ahead Of Smart Contracts Launch

By John Isige
Published August 11, 2021 Updated August 11, 2021
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Cardano Price Analysis: ADA Prepares To Test All-Time Highs As Speculation Intensifies Ahead Of Smart Contracts Launch

By John Isige
Published August 11, 2021 Updated August 11, 2021
  • Cardano explodes over 20% to trade at $1.8, leading altcoins in mid-week recoveries.
  • Development activity on the Cardano network surge ahead of the launch of smart contracts functionality.

Cardano breakout has continued to make headlines this week. Data by CoinGecko shows ADA trading 20% in 24 hours, following an announcement that the blockchain network will soon support smart contracts functionality.

At the time of writing, ADA is trading at $1.77 amid the push by the bulls to close the day past 1.8. The uptrend has been entirely consistent with Cardano flipping hurdles into formidable support areas.

Cardano To Launch Smart Contracts Solutions

The CEO of IOHK, Charles Hoskinson, has confirmed that Cardano will soon have smart contracts functionality. According to him, discussions and preparations have been completed, with Friday being the tentative day. However, he cautioned the community on onboarding the exchanges saying that this step will be “the final go-no-go.”

We had a lot of discussions with partners and other people, and it looks like we are on track for Friday to announce the date.

As the news reverberated across the market, Cardano shot up significantly, extending the breakout from July 22. Many analysts believe that this development will take Cardano to the next level, with the price predicted to hit the all-time of $2.5 within the next week.

The short-term technical outlook shows that Cardano has a bullish outlook that continues to support the uptrend. For instance, the Moving Average Convergence Divergence (MACD) indicator still compels buyers to buy into ADA.

In addition, a break above the immediate hurdle at $1.8 could bolster Cardano above $2. More buy orders will be triggered above this level, with speculation for gains above $2.5 increase at astronomical margins.

ADA/USD Daily Chart

ADA/USD price chart
ADA/USD price chart by Tradingview

It is essential to realize that the Relative Strength Index (RSI) is already overbought. Usually, overbought conditions are challenging to uphold. Hence, a correction is often expected after the RSI hits levels above 70. Currently, the technical index stands at 80, implying that a retreat is possible in the near term. Therefore, it is imperative to be cautious while trading Cardano, at least for now.

Cardano Intraday Levels

Spot rate: $1.8

Trend: Bullish

Volatility: Growing

Support: $1.4 and $1.2

Resistance: $1.8 and $2

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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