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The ADA Technical Analysis is influenced by IOHK CEO Charles Hoskinson announcement. After publicly revealing the official roadmap of the upcoming Alonzo upgrade, the new protocol update will come in the form of a hard fork around July or August, bringing smart contracts to the Cardano blockchain.
Hoskinson affirmed that developers would be able to deploy their decentralized applications on the network as soon as late April when the testnet would launch.
In another news, Sophia The Robot, developed by the Hong-Kong based Hanson Robotics, has generated over $1M in NFT sales from her debut NFT drop on Nifty Gateway. Recently, the robot has sold Cardano worth over $1M to clone NFT platforms.
https://www.tradingview.com/x/LKWlGQj7
Past Performance
During the last 24 hours, the price of ADA has moved up by 11%. The currency has been moving upwards since the last two to three days.ADA continued the trade at $1.26,the next highest price after what it hit on Mar 18 at $1.422. Later the price started to grow steadily. It has moved steadily upwards during the entire last week. Before this it has dropped to $1.22 on Mar 19 and was in a small range. However with new announcements, market participants rushed to exchanges to get a piece of ADA. The buying pressure pushed the token’s price higher, posting more than 17.50% gains in the last 20 hours.
Days-Ahead and Tomorrow
Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism. It is less energy intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum is going to be upgrading to PoS, this transition is only going to take place gradually.
The project has taken pride in ensuring that all of the technology developed goes through a process of peer-reviewed research. It is peer validated. According to the Cardano team, this academic rigor helps the blockchain to be durable and stable — increasing the chance that potential pitfalls can be anticipated in advance.
In 2020, Cardano held a Shelley upgrade that aimed to make its blockchain “50 to 100 times more decentralized” than other large blockchains. At the time, Hoskinson predicted that this would pave the way for hundreds of assets to run on its network.
Currently, the RSI indicator is at 56%. It has moved away from an overbought region. This is showing the strength of price movement has strengthened.
The A/D indicator has been low at 1.6 in line which has gone up with increase in the price band. The price is also moving upwards with the increase in indicator.
ADA Technical Analysis
You can adjust the technical analysis trading strategy accordingly, make calculated investment and trading decisions in the future. ADA is booming in the next 2 to 3 days for sure. IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model reveals there is no supply barrier that will prevent Cardano from achieving its upside potential. Based on this on-chain metric, there is only one small interest area between $1.42 and $1.65, where roughly 51,000 addresses hold over 1,40 billion ADA.