- Cardano Price Prediction believes that ADA is aiming at a resistance test while the $0.1536 support level remains significant at this point.
- Cardano adopted the van Rossem hard fork and Protocol Version 11 went live on July 18.
- X402 includes The Cardano Foundation as ADA is trading below significant Fibonacci resistance levels.
Cardano Price continues to be under the spotlight, with the ADA coin trading near its short-term resistance amid various developments from the network front in addition to certain technical indicators shaping up for the future price direction.
While the market analysis reflected the efforts of the token trying to bounce back after coming off its recent lows, ADA coin was still trading below several levels of long-term resistances.
Meanwhile, the Cardano network approved a new network update in addition to joining a payments infrastructure platform via Cardano Foundation.
Cardano Price Prediction: Indicators Highlight the Importance of Certain Resistance Levels
According to the daily chart on Tradingview, the price of ADA was seen hovering around the level of 20-day EMA at $0.1660 after breaking above the line on July 15 but then falling below it in the recent session.
Another technical indicator, the Supertrend, remained positioned at $0.1536, below the current market price. The technical instrument gave the first bullish signal of the trend since Cardano’s June fall and continues to provide the main trend support level.
However, if the ADA price remains above this area, the Supertrend continues indicating a recovery phase rather than a continuation of the earlier decline.
Higher resistance remains concentrated across longer-term moving averages. The 50 EMA is currently standing at $0.1792, with the 100 EMA coming next at $0.2084, but the 200 EMA sits significantly above at $0.2780. Altogether, these levels act as the resistance areas for ADA’s further upward move beyond the 20 EMA.
Meanwhile, the horizontal support zone between $0.1500 and $0.1537, which previously contained selling pressure during June, remains the principal downside area identified on the daily chart.
Cardano Price Prediction Shows Short-Term Consolidation on Hourly Chart
Price movements were within a limited range.
During the period under review, the trading price of ADA was $0.1623 on the 1-hour Kraken chart, which shows an increase of 0.44% for the day. However, despite the recovery from recently made lows of $0.156, the buying momentum slowed down before encountering resistance.
Hourly levels of the Fibonacci retracement showed the first resistance level at $0.1650 as the 0.382 retracement, while $0.1666 as the 0.618 retracement served as the next resistance.
Source: Trading View
Indicators of momentum were consistent with the structure of the market. Relative Strength Index (RSI) showed a value of 41.74, which was below its signal level of 49.32. The value demonstrated the indicator being below the neutral line but above the oversold territory, which suggested low upward momentum.
This situation continued to show consolidation below the resistance levels while staying above the recovery lows.
Technical Levels
| Level | Price |
| Immediate Support | $0.1536 (Supertrend) |
| Support Zone | $0.1500–$0.1537 |
| Immediate Resistance | $0.1650–$0.1666 |
| 20-Day Exponential Moving Average | $0.1660 |
| 50-Day Exponential Moving Average | $0.1792 |
| 100-Day Exponential Moving Average | $0.2084 |
| 200-Day Exponential Moving Average | $0.2780 |
Network Developments alongside Technical Configuration Persist
Beyond price action, Cardano recorded several network developments during the same period.
The Cardano Foundation became an associate member of X402, a payments infrastructure network that includes organizations such as AWS, American Express, Circle, Google, Mastercard, Visa, Coinbase, Ripple, Shopify, and Stripe.
As indicated by a LuckSide Crypto analyst, the feature may become even more important after the launch of Ouroboros Leios in November. The analyst said that the update would be anticipated to enhance the throughput of the network from ten times to sixty-five times, which would mean an improvement in the transaction processing abilities of Cardano in regard to payment settlement.
On the other hand, Linda analyst mentioned the features that the blockchain protocol already possesses, and one of them is the fact that the base protocol of Cardano has never been hacked successfully. The consensus mechanism design, Extended UTXO accounting model, and the decentralized stake pool structure were also listed by the analyst as the protocol features.
Governance Milestone Upgrade Protocol Version 11
The other event was regarding the governance process of Cardano. The Cardano network adopted the van Rossem hard fork to take effect on July 18.
Source: BSCN
This is the first hard fork that has been adopted using the Voltaire governance system of Cardano and not through the founding bodies of the project.
Once the update takes place, the blockchain will move to version 11 of the protocol, which will introduce new Plutus features that will lower costs of smart contract executions.
FAQs
What is the near-term resistance point for Cardano (ADA)?
The nearest resistance point is the 20-day EMA at $0.1660, and there is Fibonacci resistance in the range of $0.1650 to $0.1666.
Where is the strong support point for ADA?
There are two strong support points: the Supertrend at $0.1536 and horizontal support at $0.1500 to $0.1537.
What is the importance of the van Rossem hard fork?
It takes Cardano to the Protocol Version 11, creates new Plutus features to lower costs of smart contract deployment and is the first hard fork that was approved using the Voltaire governance system.
