Cardano’s Price Correction Underway despite Solid Fundamentals
Cardano appears on a bearish road on Thursday. However, the altcoin seems prepared for uptrends, experiencing slight consolidation as the total market depicts sluggish price developments. While writing this article, ADA/USD trades near $2.50.
Although Cardano started retracing after the Alonzo update, the ‘smart’ contracts feature has attracted many blockchain users. Within the first 24 hours of the hard fork launch, the platform processes over 100 ‘smart contracts. Moreover, developers created the first DApp on the Cardano network successfully after the functionality went live.
Fundamentals Support Cardano
The increased interest in Cardano smart contracts functionality might support the token in the short term. Moreover, the 3rd ranked digital token might receive a boost from the PrimeXBT listing. Keep in mind that PrimeXBT is a renowned multi-asset trading platform. As the crypto industry witnesses increased interest from investors, PrimeCBT listed seven top cryptocurrencies, including ADA.
After the ‘smart’ contract feature, Cardano appears ready to launch its PancakeSwap version. Moreover, the network plans to integrate SundaeSwap, a decentralized protocol for its network’s native DEX, CardanoCube. SundaeSwap will make ADA accessible to investors, allowing them, trade, lend, swap, borrow and stake in a decentralized way.
However, market sentiments might see ADA acting under pressure in the sessions to come. Bennett Justin, a crypto trader, and analyst forecast a massive pullback in Cardano soon. He explains that the alt has to break above $2.55 to annul the anticipated correction. Without that, Bennett believes that ADA might drop towards $2.
Levels to Watch
On the ADA/USD’s 4H price chart, the 200 Exponential Moving Average and small timeframe Moving Averages and the MACD indicators and momentum depicts bullishness for now. However, the other timeframes indicate sellers’ interest.
At the moment, Cardano has its price hovering at the pivot level at $2.50. The alternative token has to overcome these price levels and maintain above it to suggest a bullish move. If the asset sees such actions, buyers will prepare for a resistance level at $2.99.
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