- ADA Token stages a recovery of 20% after a rebound from the $1 support level
- The press time price of ADA/USDT is $1.17 established on the back of a 12% increase in the past 24 hours
- A decisive close above the 200 EMA will prompt another boost in the ADA Price
Cardano paves into the world of Smart Contracts by successfully completing the Alonzo White Hardfork
Cardano, as we all know has been in line to upgrade its network to support the development of Defi. The road to smart contracts has been made possible through the launch of the much-awaited Alonzo Testnet. This upgrade will be completed through multiple phases, which have been categorized into names of colors. In recent events, Cardano accomplished one of the most significant milestones by successfully conducting the Alonzo White Hardfork.
IOHK, Cardano’s blockchain partner took to Twitter to announce the successful implementation of the Alonzo White Hardfork.
The above tweet highlights the fact that the Cardano Network was so far undefeated in forming blocks. The AlonzoWhite marks the run of dApps and the participation of 500 community members. The completion of the White Fork will be followed by the network proceeding to launch Alonzo Purple. This upgrade brings about the first-ever public testnet for Cardano. While Ethereum continues to lead the Defi space, Cardano is gradually emerging as one of Ethereum’s true competitors.
ADA Price holds onto the support of the 200 EMA
ADA Token is presently witnessing a pullback after a rebound of 20% from the support cushion of $1. While maintaining support over the 20 EMA, the price has retraced by nearly 3% since yesterday’s rally. The overhead resistance of $1.23 marks as a critical barrier for bulls to tackle before they aim for another boost.
The above-mentioned level is bolstered by the 20 EMA which has been notorious for invalidating the efforts of the bulls to level the price back up. A breach of this resistance zone will enable the ADA price to aim for higher gains and an exit ticket from the Descending Triangle Pattern.
Presently sandwiched between the 20 and the 200 EMA, ADA bulls demand a decisive close above the 200 EMA. For the price trend to head northward, the momentum needs to sustain above the dynamic support of the 200 EMA. On the contrary, a close below this EMA will be accompanied by the wrath of bears who will term yesterday’s reversal as a Dead Cat Bounce. If the gains continue to evaporate, ADA bulls can expect a re-inspection of the $1.09 support cushion, which also marks the beginning of the Demand Pit.
A bounceback from the 200 EMA is plausible under the condition that the volume continues to maintain its high frequency. Yesterday’s volume of (287 M) was considerably higher than the 20 MA, which was hovering inside the range of (163 M). A pick-up in buying pressure will validate this ‘V’ shaped recovery to attempt for a bullish break from the descending trend line. The bullish outlook will no longer hold accountability if the pullback generates a close below the bearish 0.236 FIB at $1.11 on the 4-hour chart of the ADA Token.
SUPPORT : $1.11
RESISTANCE : $1.23