In Cardano (ADA), the Alonzo hard fork is over. It will now be possible to run smart contracts on the Cardano blockchain. This opens the door to decentralized applications and NFTs running on Cardano. Therefore, the growth of the ecosystem in Cardano is expected to accelerate after the incoming update.
After the update on Cardano took place, some pullback was seen as a result of “selling the facts”. The third largest cryptocurrency with its market value is trading at $ 2.41 as of 15.40 TSI.
How is the situation on the technical chart for ADA?
After the bowl formation formed on the daily chart was broken, as soon as we took our first target, the rising wedge formation was also broken and took its two targets. The 2.47 and 2.30 main support zones we mentioned have been deeply tested many times. If there is a candle close below this support zone, we can see a pullback to the 1.87 level. On the rise, the 2.95 main resistance is very important. If we see a candle close above this level, we can start to follow the long-term target of 3.38.
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