Cardano Enters the Final Phase of Launching its Smart Contracts

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Cardano Enters the Final Phase of Launching its Smart Contracts
Cardano Enters the Final Phase of Launching its Smart Contracts

Input-Output Global (IOG) announced that Cardano’s main testnet has been hard forked into the Alonzo era.

Cardano in its Final Stage Before Smart Contract Activation on Mainnet

Before the smart contract is activated in the mainnet, the largest proof-of-stake blockchain has entered the “final” phase.

At a recent Cardano 360 event, Dimitris Poulopoulos, Head of Delivery, described the Testnet as a “dress rehearsal”. The development team will pay close attention to any issues that need to be resolved prior to mainnet deployment.

According to Fxcryptonews, the Alonzo Hard Fork Combiner Event will take place on September 12th.

Cardano’s ADA Price Analysis

Cardano’s price declined again at $2.96 and fell to around $2.80 due to gravity, a drop of about 4% that day.

ADA/USD rebounded to an all-time high of $3,026 on Friday, although the bulls may make a few more tries before resuming a broader uptrend.

Cardano’s corrective downward move can be viewed as short-lived as the underlying bullish momentum remains intact ahead of the Alonzo hard fork on September 12th.

The third most popular cryptocurrency rose 14% in one week and will rise for the sixth week in a row.

After Monday’s record rally, market participants expected a brief decline in ADA prices before the bulls consider the next surge to make a new life high.

From the perspective of Cardano’s daily line, the corrective decline is 61.8%, the Fibonacci (Fib) retracement level met with strong demand.

Hence, a daily close below the latter can provide credibility for a reversal from a higher level, creating a strong support area near the $2.19 – 2.15 area, a bullish 21-Day Moving Average (DMA) and a 50% Fib level are the confluences.

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ADA/USD Daily Chart. Source: TradingView