Cardano price is primed for new all-time highs as ADA protocol prepares for new upgrade


  • 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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

VeChain price recovers 50% of its market capitalization in hours after massive collapse

VeChain, like the rest of cryptocurrencies, had a major drop in the last two days and lost close to $8 billion in market capitalization, gaining around $4 billion in the last 24 hours. 

More VeChain News

Ethereum price defends key level which could push the digital asset into new all-time highs

Ethereum just established a new all-time high at $2,644 on April 22, but the entire market had a flash crash in the last 24 hours and ETH also dropped to a low of $2,107. 

More Ethereum News

Ripple and SEC clash again as lawsuit becomes even more uncertain

XRP had a major rally at the beginning of April as investors grew confident in the outcome of the SEC lawsuit. However, the entire cryptocurrency market had a significant crash, and the SEC case outcome is not as straightforward as previously thought.

More Ripple News

Bitcoin Weekly Forecast: Fear seeps in as crypto market crashes for second time

Bitcoin price rally seems to be facing massive headwinds that have resulted in two egregious drops in under five days. Market participants are panic selling their holdings, sending the market into a tailspin. 

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast

BTC

ETH

XRP