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/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.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
