The Cardano price has been in a tight range recently. ADA has barely moved in the past seven days while its peers like Polkadot and Ethereum have moved 33% and 18%, respectively. It has also dropped from being the third-biggest digital currency to seven.
What happened: Cardano price has consolidated as the market waits for the Alonzo update, that will add smart contracts feature to the network.
Smart contracts is the foundation of other popular blockchain projects like Decentralized Finance (DEFI) platforms. It is a technology widely used by foundational projects like Ethereum, Elrond, and Solana. The implementation of smart contracts into Cardano is part of the Goguen Era, which will be followed by Basho and Voltaire.
Another major recent event in Cardano is that the network has become 100% decentralized, meaning that key decisions will be in the hands of the 2,200 pool operators.
Cardano price forecast
The daily chart below shows that the ADA price has been in consolidation mode recently. It rose to an all-time high of $1.4862 in February and its attempts to retest this level failed on March 18. The price is also slightly above the important support level at $0.9835 and the 15-day moving average. Further, the price is along the standard pivot point.
Therefore, in the near term, the key levels to watch will be the first support and resistance at $0.9530 and $1.45, respectively. A move below the support will send a signal that bears have prevailed and open the price to the possibility of falling to $0.7256. On the other hand, a move above $1.45 will open the possibility of the price retesting its all-time high.