ADA: ADA (Cardano) is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change, which is less energy-intensive than the proof-of-work algorithm relied upon by Bitcoin.
The Alonzo hard fork launch in September 2021 will bring an end to the Shelley era and usher in the Goguen phase. Users can develop and deploy smart contracts on Cardano, allowing native decentralized applications (DApps) to be built on the blockchain. Cardano price broke the $3 mark and hit an all-time high of $3.101 on Sept. 2, 2021, ahead of the launch.
ADA has a Market Cap of $9.33Bn as of date, and Crypto Market Cap is at $2.37T.
On the weekly chart, ADA is trading at $0.2587, having witnessed a sharp decline from the $1.3262 level and recently hitting a low of $0.2206.
The ADA price chart is showing signs of recovery; however, the price needs to sustain above the $0.2688 level to build stronger positive momentum and investor confidence.
Technical Chart of ADA
On the Daily Chart, ADA price is trading below its Simple Moving Average (14 & 21 periods) levels of $0.4348 & $0.4971 and indicating resistance in the coming sessions.
On the Weekly Chart, the Relative Strength Index (RSI) is at 29.66, and the Stochastic is at 14.53, indicating an oversold zone and potential reversal.
Support and resistance levels:
| Name | Price | Support 1 | Support 2 | Resistance 1 | Resistance 2 |
| ADA | 0.2587 | 0.2352 | 0.1990 | 0.3231 | 0.3565 |
Above $0.3565 possibility of hitting $0.4052 levels.
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