Over the previous 24 hours, the overall cryptocurrency market has been in the red. With a loss of 2.68% percent, Bitcoin is one among the worst performers. Cardano is currently trading at $1.33, following a 0.45 percent drop in the previous 24 hours.
After retreating from the $1.4 high set over the weekend, ADA is now somewhat lower. Despite the small reversal, ADA has managed to hold on to some of its previous week’s gains.
In terms of the Alonzo hard fork, Charles Hoskinson reports that everything is on track and progressing along beautifully. Smart contracts open the way for real-world application, and this could be the biggest driver of ADA adoption.
Cardano is another cryptocurrency that has been in the spotlight this year. In a year, the price of Cardano has increased by 828 percent.
A multi-day sideways consolidation around the $1.30 mark followed, with another attempt to rise higher yesterday. Cardano’s price failed to hit the previous high of $1.40, indicating that bulls had run out of steam in recent days.
If the current trend reverses and an uptrend is recorded, ADA might climb towards $1.5, with a later push to $2.
If the bears regain control, the next level of support will be around $1.2, following which the gates will open to the important $1 level.
The Cardano price failed to exceed the previous high on the 4-hour chart, indicating that bulls have lost strength.
Cardano (ADA) has seen $16.41 billion in transactions of more than $100.000 in the last seven days, according to data from IntoTheBlock. More than 65.57 percent of total addresses, or 1.38 million, are currently profitable.