• Cardano has fully confirmed that it will launch the 'Mary' upgrade on March 1st.
  • Cardano will support native tokens and multi-assets in this next upgrade. 
  • The update should have a positive effect on Cardano price, potentially pushing it to new all-time highs.

Cardano has been trading in a robust uptrend for the past two months as investors are looking for better alternatives to Ethereum. The upcoming update for the digital asset will allow users to create tokens from scratch on top of the Cardano blockchain.

Cardano's newest update will develop new use-cases for the digital asset

The 'Mary' update is confirmed for March 1st at 21:44 UTC, right after Cardano completes Epoch 251. IOHK, the company behind a lot of the technological support of Cardano has announced that the newest upgrade will be a fundamental step in the integration of smart contracts in the Cardano blockchain. 

The update will be completed through a hard fork at 21:44 UTC. The Goguen phase, which is the integration of smart contracts, is a fundamental pillar for Cardano. It's important to note that right now, users cannot create new native tokens on the Cardano blockchain like on Ethereum. 

However, the main benefit of Cardano will be the creation of these tokens without the need for smart contracts. This means that users will be able to create a new token in minutes without development knowledge. 

Smart contracts will arrive soon either way, but they are not necessary for the creation of tokens. These tokens can be NFTs, utility or governance tokens, and more. 

The impact of the successful integration of the Mary update should be significant on Cardano price, which is close to new all-time highs.

Cardano price on the verge of a 20% breakout to new highs

On the 1-hour chart, Cardano has established an ascending triangle pattern which is on the brink of a breakout. The most significant resistance level is located at $1.08. Climbing above this level can easily push Cardano price towards $1.29, a 17% move calculated using the maximum height of the pattern as a reference point. 

ada price

ADA/USD 1-hour chart

On the other hand, a rejection from the upper boundary of the pattern at $1.08 would drive Cardano price down to the lower trendline,  currently located at $1.04.  

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Cryptocurrency exchanges are on board Terra’s LUNA hard fork and Do Kwon’s plan for the Terraform Labs token’s rebirth. Do Kwon has garnered support from leading cryptocurrency exchanges for the new Terra chain. 

More Terra News

Breaking: Ethereum breaks below $1,900 as selling pressure accelerates

Breaking: Ethereum breaks below $1,900 as selling pressure accelerates

Ethereum dipped below the $1,900 support level over the past few hours. A decisive close below such a vital demand zone will put ETH at risk of a 38% correction toward $1,200. 

More Ethereum News

A big price move is coming for Binance Coin; here’s what to look out for

A big price move is coming for Binance Coin; here’s what to look out for

A brief technical and on-chain analysis on Binance Coin price. Here, FXStreet's analysts evaluate where BNB could be heading next. 

More Binance Coin News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!

Bitcoin price, Ethereum and other cryptocurrencies are stabilising after the cryptocurrency space got slaughtered last week and two weeks ago.

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis