The Cardano price has been left behind during the ongoing cryptocurrency rebound. ADA is trading at $1.4315, which is about about 40% above the lowest level in May, June, and July. While it has risen by 7% in the past seven days, other popular coins like Ethereum, Dogecoin, Uniswap, and Internet Computer have jumped by double-digits.
What happened: The ADA price has struggled even after a series of positive news about the network. For one, last week, it was confirmed that the Alonzo update that will see the platform accept smart contracts was being worked on.
At the same time, Charles Hoskinson, the platform’s developer has confirmed that IOHK has already onboarded 1 million students in Ethiopia. They hope to onboard 5 million students and they hope to make an announcement in September. Investors are waiting to see how this universal credential system will work out. He expects that more governments and companies will use its project to decentralize their processes.
Still, there are key concerns about the Cardano ecosystem. In fact, some of the biggest players in the industry like Michael Novogratz and Nick Carter of Castle Island. The main concern is about whether developers will want to build their decentralized projects using the network.
Furthermore, most of them are already building using Ethereum, Binance Chain, Solana, and Polkadot. With Ethereum upgrading to a proof-of-stake methodology, there are concerns about whether more developers will want to try other technologies.
Cardano price prediction
The four-hour chart shows that the ADA price has been in a slow upward trend. This has seen it form an ascending channel that is shown in purple. The ongoing downward trend is seeing it target the lower side of this ascending channel. It has also formed an inverted head and shoulders pattern.
Therefore, there is a possibility that the price will soon rebound and move above the neckline at $1.500. If this happens, the next key level to watch will be the resistance at $2, which is about 40% above the current level.