The Cardano price has been on a downward trend since the start of August. It staged a strong recovery in July after tumbling in mid-July. Its total market capitalization slipped to $41.89 billion, albeit it remains the fifth-largest cryptocurrency in the world.
Cardano (ADA) founder, Charles Hoskinson, announced that Cardano would be undergoing updates. Speaking on his live stream on YouTube, Hoskinson stated that ADA was on schedule to undergo an upgrade in its blockchain.
According to Hoskinson, after the Alonzo hard fork, smart contracts will be available on the cryptocurrency’s network. He also added that Cardano’s infrastructure would get better with time. The hard fork will be built within the August-September time frame.
Some decentralized platforms are preparing to go live on the Cardano network. Cardax is a decentralized exchange that allows users to trade ADA for any Cardano native token. Cardax will be the first decentralized exchange to launch on the platform.
Cardax recently raised $1.5 million from its first community sale. It will allow users to earn as liquidity providers from the fees it collects. The launch of the Alonzo hard fork is likely to push the Cardano price higher. Some crypto economists believe that ADA could become a mainstream cryptocurrency in the world alongside Bitcoin and Ether.
ADA Technical Stance
Cardano price broke out of its bearish trendline at $1.3702 after hitting an intraday low of $1.2613. At the time of writing, ADA was trading 1.03% higher at $1.3217. On the hourly chart, it is moving above the 25 and 50-day exponential moving averages signaling a bullish outlook.
In the near term, I expect the Cardano price to tread higher. A move above its intraday high of $1.3311 will have the bulls eyeing its highest level in August at $1.3886.
On the flip side, a bearish move below its said intraday low would push it lower to find support at the major support level at $1.2600.