Cardano (ADA) Regains Some Support But Rate Stuck Below Vital $0.50 Level

Christian Encila

Last Updated: August 3, 2022 5:15 pm

2 mins read

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Cardano (ADA) price according to CoinMarketCap registered a jump of 3.96% or $0.5148 as of this writing. CoinMarketCap hourly chart shows how ADA trades midway slicing in between the support zone of $0.4899 and the $0.5035 resistance level. In addition, ADA’s average transaction value is now 0.

As of press time, the 8th largest coin in terms of market cap is in the gray or neutral area which means the coin is neither bullish nor 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.

But, ADA/USD price was not able to revert to the crucial $0.50 point which shows that the bulls are slowing down. If the bulls can’t push the price to the target zone, then the coin could dangerously plunge to $0.48.

ADA Transaction Value Sees Uptrend In Past 116 Days

TradingView’s midterm chart on ADA/USD has breached $0.4930. However, if the bulls fail to hold on to this level, the bull run ends right here. This perspective is said to be relevant for August. Currently, ADA trades at $0.5020.

Notably, there is an inconsistency in the daily time frame of 20, 50,100, and 200 because the timeframes are misaligned which could be beneficial for traders. Divergence is spotted midway between the RSI and the price of ADA which hints trend reversal.

Also, the average transaction value of Cardano showed an uptrend in the last 116 days, which is having a growth spurt of around 2332.44 daily.

3,015 Smart Contracts For Cardano Since August 2

In other news, the Cardano network currently has over 3,015 smart contracts as of August 2. It was only in September 2021 that Cardano rolled out an update on adopting smart contracts to speed up and increase performance. With the Vasil Hard Fork nearing its launch, Plutus Scripts peaked at over 3,000 smart contacts.

With the looming launch of Vasil Hard Fork, Charles Hoskinson, Cardano founder, refuted claims that Vasil Hard Fork can impede the functionality of smart contracts 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.

More so, Sygnum Bank has also announced that their clients can start staking Cardano and earn rewards from their pools.

ADA total market cap at $17.25 billion on the daily chart | Source: TradingView.com

Featured image from Changelly, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.