Cardano call points:
- Cardano made a huge breakthrough today, with prices testing a two-month high.
- The introduction of smart contracts after Alonzo’s hard fork could make Cardano more competitive Ethereum.
Over the last three weeks, good offers have been made for cryptocurrencies, as evidenced by + 50% income Bitcoin and + 80% move in Ethereum. But the cryptocurrency that makes the most waves today is neither large nor anything related to dogs or Shiba Inus.
Cardano is a cryptocurrency on the move today, and a few different pieces of news helped drive the flow. Cardano founder Charles Hoskinson, who is also co-founder of Ethereum, said he would announce the exact date of Alonzo’s hard fork this Friday. This will allow Cardanol, like Ethereum, to place smart contracts in its network, and this move will make the cryptocurrency more competitive from this perspective. Given that Cardano is a currency of proof of contribution, the introduction of smart contracts could significantly increase its potential benefits, given that one of the main problems with cryptocurrencies is the associated energy costs.
However, Cardano’s green advantage may be short-lived, as Ethereum co-founder Vitalik Buterin announced last week that Ethereum is ready for its next addition, moving to a weight-proof concept that reduces energy consumption by up to 99%.
In the chart, today’s Cardano rally will help limit the amazing three-week run, which has risen as much as 85% from its July 20 low. Resistance currently shows 1.8900 levels and is a possible starting point to use for rupture scenarios. Although the support base at the beginning of July is consistent, it is so far from the current price that it adds little value to the near-term analysis. More interesting, however, is the price for potential support, which is taken directly within the resistance level of 1,500,000.
Cardano (ADA / USD) daily price schedule
– Written James Stanley, Senior strategist For DailyFX.com
Get in touch and follow James Twitter: @JStanleyFX