Cardano has come out to be one of the many projects that have slowly gained momentum throughout the current year. Currently, the long-awaited smart contract capabilities of the project are seemingly on the verge of being real. This ensures that the token can be converging on securing an all-time high. This leads us to understand that the very concept of smart contracts has been quite a revolutionary force in the entire blockchain sector due to their ability to help in the creation of finance protocols that are strictly decentralized, along with NFTs and transactions that do not require an intermediary.
A Bullish Upturn In The 50MA For Cardano
According to data that was received from TradingView and Cointelegraph Markets Pro, Cardano went from bottoming at a sum of $1.02 on the 20th of July to a rapid increase of 139% to finally land on the sum of $2.45. It goes without saying that most traders haven’t been able to ignore the rapidly rising price of this cryptocurrency, especially due to the introduction of several technical indicators which have turned bullish.
One of the indicators for a bullish upturn of Cardano has been the 50-day moving average price, which currently points up after working on a downslope for the last two months as has been highlighted by Pharmlord, a pseudonymous Twitter user. It can be understood from the tweet, that the moment ADA crossed above the moving average price over fifty days, the price doubled and was almost at an all-time high of $2.46.
It is also quite important that traders have a deeper foresign into the Cardano bulls, which was provided by Rekt Capital, another Twitter analyst who has creditably pinpointed the importance of the level of $2.30. Interestingly, the altcoin has more than managed to convincingly move through a zone of lower resistance while it was also attempting to go through the 16th May high of $2.46.