- Cardano will soon launch smart contracts through the Alonzo Purple testnet
- Cardano’s price today is $1.47, with a 24-hour trading volume of $2,064,070,036.
- The price of ADA has increased by 6.5% in the past 24 hours.
- There are 32 billion ADA coins in circulation, with a total of 45 billion.
The daily technical chart of the Cardano displays an upward trend. According to the pivot levels, the primary support level is $1.28. On the other side, if it rushes up, the resistance level to follow is $1.55. Although the chart forms a Bullish Engulfing candlestick pattern within the day, it is predicted that the price may remain upwards with high reliability.
The Zig-Zag framed a top of $2.47 on 16 May. After that, investors can notice a massive correction of 60%, all the way low to $0.98. Now price levels are back around the range of $1.40 this week.
The CCI indicator gave a (bullish) signal with 158, projecting a buy signal in the coin. Investors may observe an inclining slope from -205 to 158. It may surge in future trading sessions.
Cardano Has Launched The First Fully Public Testnet That Supports Smart Contracts
According to an announcement made by the research and development company IOHK on Friday, Cardano’s Alonzo testnet has entered the “purple” phase. The new phase led by “blue” and “white” marks an important step in launching smart contacts on the largest proof-of-stake blockchain.
IOHK CEO Charles Hoskinson said that all interest group operators and exchanges could participate in the pioneer plan Plutus. For comparison, Alonzo Blue and Alonzo White are limited to 50 users and 500 users, respectively.
Cardano will begin to introduce cryptocurrency exchanges systematically. The exact date of the hard fork combiner event will be announced in mid-August. According to the IOHK implementation strategy originally disclosed in late May, the deployment of the Alonzo hard fork on the mainnet is expected to take place in early September after several sub-phases.
Currently, IOHK is deciding which will be the main candidates for the nodes to be launched during the HFC event. Alonzo will be the last stage of Cardano’s Goguen era, whose purpose is to make it possible to write smart contracts on the blockchain using the Plutus programming language.
Resistance Level: $1.55
Support Level: $1.28