Cardano - ADA news, roadmap, price - Technical analysis

Cardano’s agreement with the Ethiopian government in regards to transforming the country’s educational system, gave quite a boost to the already exciting and promising fundamentals. The big bet of course is the latest update at the Cardano’s roadmap, the Alonzo hard fork, where that will be the critical point of running smart contacts and DeFi applications with success.

While positive market news for updates and incorporations keep coming, let’s see some key price levels for Cardano - ADA. For the time being, Cardano's price is approximately $1.70 (12.08.2021 - 19:32, GMT+3), suffering losses of 8.70% for the last 24h.

While the majority of alt coins suffered severe losses after the middle May (2021) mini crash, Cardano seems to keep its power and range its price between $1.00 to $1.50, at least until recently.

At the daily chart, after the all time high at 15th of May ($2.45115), there was a 2 times test of the $1.0022 and $0.9282 (23.06.2021) of a critical key support level. Currently the price is fluctuating around the 0.5 Fibonacci level (50% level - $1.76370), while the 0.382 level is at $1.5840.

The next key level for the price in case the upwards movement continues, is at the 61.8% Fibonacci level at $1.94340 and 78.6% at $2.1992. Since there is an uptrend though, from the beginning of August, a price correction is also possible, before a new move to the upper levels. For a downward correction, the first key support level is at 38.2% Fibonacci, at $1.5840, and the second at 23.6%, at $1.36165.