- The head of IOHK revealed the rollout plan for the upcoming Alonzo hard fork.
- Following the announcement, ADA’s price shot up by more than 17.50% and could be heading to retest previous all-time highs.
- On-chain metrics reveal there is not any significant resistance level ahead of Cardano.
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The so-called “Ethereum killer,” Cardano, is back in the spotlight after its founder announced when the protocol would finally enable smart contract functionalities.
New Cardano Hard Fork Underway
IOHK CEO Charles Hoskinson made headlines after publicly revealing the official roadmap of the upcoming Alonzo upgrade. The new protocol update will come in the form of a hard fork around July or August, bringing smart contracts to the Cardano blockchain.
Hoskinson affirmed that developers would be able to deploy their decentralized applications on the network as soon as late April when the testnet would launch.
“For the first time ever, publicly, people will be able to write smart contracts and deploy them on Cardano,” said Hoskinson.
Following the announcement, market participants rushed to exchanges to get a piece of ADA. The buying pressure pushed the token’s price higher, posting more than 17.50% gains in the last 20 hours.
Little Major Resistance Ahead
IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model reveals there is no supply barrier that will prevent Cardano from achieving its upside potential. Based on this on-chain metric, there is only one small interest area between $1.25 and $1.28, where roughly 51,000 addresses hold over 1,40 billion ADA.
This supply wall may have the ability to absorb some of the buying pressure seen recently. Holders who have been underwater may try to break even on their positions, slowing the uptrend.
But if Cardano can slice through this hurdle, it would likely retest the all-time high at $1.50.
On the flip side, the IOMAP cohorts show that Cardano sits on top of stable support. Nearly 290,000 addresses bought approximately 7.80 million ADA between $1.08 and $1.15. This crucial area of interest suggests that bears will struggle to push prices down.
Right now, the odds favor the bulls.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
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