The Cardano (ADA) price has been in a tight range in the past few days. The coin is trading at $1.3756, which is about 35% above the lowest level in July this year. This values it at more than $44 billion, making it the 5th biggest coin in the world.
Cardano Alonzo update: The focus among traders this week has been about the Ethereum London fork that happened on Thursday. The software update will make it relatively faster and rare. It is one of the few upgrades that will happen as the network transitions to proof-of-stake.
At the same time, Cardano developers are hard at work as they attempt to bring smart contracts to the network in the so-called Alonzo update. In a tweet on Wednesday, Charles Hoskinson, the founder of Cardano said that the upgrade will go on smoothly. He was addressing the rising scepticism on the network. Many analysts wonder whether Cardano will be able to catch up to other projects that support smart contracts like Solana and Polkadot.
Still, with Ethereum developers doing more to improve the scalability of the network, there is a possibility that many developers will prefer it to the new Cardano.
Meanwhile, a report by Wave Financial addressed the key benefits of Cardano’s network. The report dived into the so-called three-horsemen of blockchain, which includes interoperability, scalability, and sustainability. So, what next for ADA prices?
The four-hour chart shows that the ADA price has been in a slow upward trend recently. We also see that the coin found a strong support at $1.045, where it struggled moving below in May, June, and July. The coin has already moved above the 25-day and 50-day moving averages. It is also slightly below the key resistance level at $1.4985, which was the highest level in July.
Therefore, I suspect that the Cardano price will keep rising as investors target the key resistance at $1.50, which is about 8% above the current level. This is in line with my previous prediction. On the flip side, a drop below the support at $1.30 will invalidate this view.