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Cardano Could Exceed 32 Cents After Hard Fork…

Cardano is to undergo a hard fork in February. IOHK CEO Charles Hoskinson has indicated that the Mary hard fork would provide native multi-asset support to Cardano. This upgrade will allow users to define their tokens natively without having to use custom code. This functionality provides a simpler method of smart contract implementation than on the Ethereum network. 

Cardano is the most decentralized network according to data from Staking Rewards, with nearly two-thirds of its supply being used for staking purposes. Thousands of ADA wallets are also being created daily, suggesting increased adoption of Cardano. 

Technical Outlook for ADAUSD

Today’s candle bounced off the 0.2592 price level (50% Fibonacci retracement) and attained the 0.28984 38.2% Fibonacci retracement area. However, a break of this area needs further confirmation. If this confirmation is seen, then 0.32768 becomes the next upside target. 

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On the flip side, sellers need to drive prices below the 50% Fibonacci retracement to target the 0.22866 price level, which is where the 61.8% Fibonacci level lies. 0.18512 is an additional target, represents the ceiling of the range that Cardano broke out from last week, and this area serves as a target to the south.

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ADAUSD Daily Chart

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