Cardano (ADA/USD) Progresses Higher, Ahead of Implementing Smart Contracts

Cardano surged from January this year until the middle of May, increasing around 2,000% in value, as it climbed from $0.12 to $2.50. The crash eventually came as it did in the entire crypto market and the price fell below $1 in the first wave of selling.

In the second  wave, ADA/USD held better than other cryptos which made new lows, while the second low here was higher than the previous one. That was a positive sign for Cardano. The 100 SMA (green) held as support on the daily chart despite being pierced and this altcoin started bouncing higher.

The 20 SMA is the last obstacle to the upside for ADA/USD

Now, it seems like the 50 SMA (yellow) has turned into support, after the 20 SMA (gray) rejected the price again. Buyers have already pushed back half way today and the retreat is much smaller than in other major cryptos, so Cardano seems more bullish than the rest of the market, taking the lead after Doge coin gave up. We might try to buy Cardano if the retreat gets bigger, since fundamentals are bright for this digital coin.

A reason is the fact that Cardano will soon implement “smart contract” functionality, which essentially means adding code that enables automated, self-executing contracts. Smart contracts allow developers to build apps on top of blockchain platforms, such as Ethereum’s enormously popular Uniswap decentralized exchange. The entire decentralized finance (DeFi) industry is built on smart contracts, much of it on Ethereum, and Cardano is about to join the party. So, the momentum remains to the upside for Cardano.