Cardano Price Analysis: Will ADA Price be successful in breaking above the $150 mark?

• ADA Price is on the verge of busting key resistance level, a break above which will guarantee 11% gains 

• The press time price of ADA/USDT is $1.47 established on the back of a 3.85% gain in the past 24 hours

• Smart contracts are coming to Cardano Blockchain by the end of this month 

ADA Price Action validates Make or Break Scenario

ADA/USDT on TradingView

Following the success of the Alonzo White Hard Fork on July 22nd, Cardano’s price staged a recovery of an overall 25%. The occurrence of this impulsive wave validated the price to violate the chambers of the Descending Triangle Pattern and form a swing high of $1.50. This particular range marks a critical breakthrough point, which will further determine the strength of the bulls. 

Presently hovering in the tight range of $1.39 to $1.50 for the past 4 days, the price action has formulated an accumulation phase. With the resistance of $150 in test, ADA price is gearing to test that level for the fourth time this week. 

A decisive close below the support of $139 will invalidate the chances of Cardano breaking the crucial resistance barrier. Furthermore, the bearish outlook will give ADA price action to catch up with the Exponential Moving Averages. 

On the contrary, a boost to the bullish outlook depends on the birth of the accumulation pit. This suggests that the bulls haven’t lost steam and will continue to challenge the controversial resistance of $1.50. A break above the overhead resistance will open to the roadmap towards $1.62, which is at an elevation of 11% from the current price level. 

Nonetheless, for the upward trajectory to hold accountable the bulls demand a close above the critical breakthrough point. In the event of the opposite scenario, a break above the $1.50 will be accompanied by the prevalence of the bears, thus adding credence to the possibility of a potential of a bear trap. 

Across the broader cryptocurrency market, Bitcoin is encountering compression by the rejection of $45,000. A rejection from that range will most likely mean that ADA bulls lack the strength to move above the resistance barrier. 

Smart Contracts are paving into the Cardano Blockchain this August

Despite being founded in 2015, Cardano is still in its early stages. Now, this is because the project developers have made the decision to build the protocol from scratch. While the main purpose of Cardano stands between providing a bridge between cryptocurrency and the real-world finance sector, the project claims itself to be the third generation blockchain. With Ethereum claiming to be the second generation blockchain, Cardano has established the ground as Ethereum’s true killer. 

Keeping in mind that Cardano still has a long way to go, the project has finally decided to launch smart contracts into their blockchain. With the Alonzo upgrade currently being in sight, the testing field has been expanded to include crypto exchanges and wallet developers. This means that the upgrade is all set for wider adoption. 

After running tests on the internal infrastructure of the network for three months, the tentative date of the final upgrade has been set to August 31st. Regardless of a fallback, Cardano Blockchain will taste the hotly anticipated smart contract functionality, either by August-end or September start. 

SUPPORT : $150

RESISTANCE : $139