Cardano Price Analysis: ADA Heading Higher Ahead of 1.4 Update

  • Charles Hoskinson confirmed via his Twitter account, the 1.4 update is scheduled for 18th.
  • ADA against USD and BTC, and continues to move within a narrow range, subject to an imminent breakout.

Cardano’s native token, ADA, continues to remain around depressed levels. Price action is moving within a narrow range, heading into the holiday season. This is a large contrast in comparison to the moves seen this time last year. At the time of writing today, ADA/USD is seen up a decent 3%. Nevertheless, it is moving within a range-block, which unless decent bullish momentum returns, could be subject to another break lower.

The founder of Cardano, Charles Hoskinson, has finally provided confirmation that Cardano 1.4 will be live and available from December 18. This update being provided by the founder via his Twitter, just some days ago.

Cardano 1.4 Update Details

The Cardano foundation is seemingly making some good progress now with their ongoing projects. Only a few days ago did we cover at Hacked IOHK announcing the release of two new tools for the writing of smart contracts.

Cardano’s community is now being further gifted heading into the festive period, with an update from Charles Hoskinson. He said: “After seven release candidates and a huge amount of QA work. I’m pleased to announce that our best effort release date for Cardano 1.4 is December 18th. Daedalus users will get an in-client update notification next week. Thanks, everyone for your patience and support.”

Technical Review – ADA/USD

ADA/USD daily chart

As touched upon above, over the past ten days now, ADA/USD has been very much confined and moving within a range-block. The upside is capped at $0.0325, with the bottom currently seen at $0.0270. In order for greater recovery to the north, bulls must breakdown the mentioned resistance. Typically, these types of change blocks are can be subject to further moves south.

Lastly, should the bulls manage to escape this range-block of death, a near-term barrier is eyed at $0.04-$0.05 area. Further to the upside, enough momentum can then carry the price for a return to the pre-November fall territory. This can be seen up into the $0.08 territory; the price last trading here in early November.

ADA/BTC Daily Chart Review

ADA/BTC daily chart

Furthermore, similar price behavior being observed with ADA/BTC, as there are no divergences here. The price is heading towards it second straight day of gains. As a result, the bulls are edging ever so closer to making a solid attempt of a breakout. Above all, the price just as seen with ADA/USD, is moving within narrow conditions in a range-block formation.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.