CoinMarketCap reported that Cardano’s (ADA) prices rose by 3.96%, or $0.5148, as of the time this article was written. CoinMarketCap’s hourly chart shows that ADA trades between $0.4899 support level and $0.5035 resistance. In addition, ADA’s average transaction value is now 0.
At press time the following:ThMarket cap-wise, the largest coin is the one in gray. It is not bullish or bearish. TradingView’s daily chart on the ADA/USD price shows that it was able to rebound successfully to $0.4885 on the daily chart.
However, the ADA/USD price could not regain the $0.50 mark which indicates that bulls are slowing. If the bulls can’t push the price to the target zone, then the coin could dangerously plunge to $0.48.
In the past 116 days, ADA transaction value has seen an uptrend
TradingView’s midterm chart on ADA/USD has breached $0.4930. If the bulls are unable to maintain this level, then the bull run is over. This outlook is relevant to August. ADA is currently trading at $0.5020.
There is a significant inconsistency between the daily time frames of 20, 50 100, 200 and 200. This could prove to be a benefit for traders. Trend reversal is indicated by divergence between the RSI (and the price of ADA).
Cardano’s average transaction value has shown an increase in the last 116 Days, with a daily growth rate of approximately 2332.44.
Cardano Smart Contracts 3,015 Since August 2,
According to Cardano, there are currently over 3000 smart contracts in the network. Cardano released an update in September 2021 on smart contract adoption to increase speed and performance. Plutus Scripts reached over 3,000 smart contacts as the Vasil Hard Fork was about to be launched.
Charles Hoskinson is the Cardano founder and has refuted the claims Vasil Hard Fork could impede smart contract functionality in the network. Hoskinson believes that these fake news were started by trolls whom he calls “stupid” while repeating himself that smart contracts will not be affected and will operate like usual.
Further, Hoskinson gave a confirmation and assurance on August 1 that the Vasil Hard Fork launch will push through and not experience delays as it’s currently going through final tests.
Sygnum Bank also revealed that customers can now start to stake Cardano in order to earn rewards from their pools.
Source: TradingView.com| Source: TradingView.com Featured image by Changelly. Chart via TradingView.com