Investing.com – It hit its preliminary high of $ 1.8916 yesterday. Today there is a downward correction on the daily chart amid the overbought conditions of the RSI and so the ADA price is currently losing 7.59% at 1.7261.
The reason for the recent rally is that the long wait for the Alonzo upgrade is coming to an end. At the weekend the first developers received their invitations to put the last phase of the Alonzo development, which is codenamed Purple, through its paces.
Should this final version prove to be stable, the smart contracts will finally find their way into the Cardano blockchain – a function that was decisive for the rapid growth of.
The community also sees this as a crucial step. The ADA price has risen considerably in the past few days, because in the past few weeks it became clear that the Alonzo upgrade can be expected in August.
In spite of all the euphoria, however, it must not be forgotten that the Cardano founder Charles Hoskinson was wrong more than once with his predictions in the past. And so the current anticipation could quickly turn into resignation.
In his last video on August 10th, Hoskinson announced that he would announce the final date for the release of Alonzo on the mainnet on August 13th. The exciting question is whether this date is as previously forecast in August. If that is not the case, then we will have to be prepared for a longer dry spell.
Currently it is mostly priced in that Alonzo comes as planned. Thus, the negative reaction in the event of disappointment is likely to be much stronger.
Cardano: ADA course technical prospects
On July 20, the latest low was formed at an ADA price of 1.0211. If there is a significant delay in the Alonzo upgrade tomorrow, then the mentioned low can be tested quickly.
On the way there are supports at the 78.6% Fibonacci retracement of 1.7053, at 1.5590 (61.80% Fibo), 1.4563 (50% Fibo), 1.3536 (38.2% Fibo) and 1.2265 (23.6% fibo).
On the other hand, if the recent high of 1.8916 can be cracked, the focus will shift to the psychological level of 2.0000 and the 123.60% Fibonacci extension of 2.0970.
by Marco Oehrl
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