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

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