Cardano (ADA), the proof-of-stake powered smart contract platform, is about to enter the final phase of its Alonzo upgrade, which will bring full smart contract functionality to the network. According to Cardano founder Charles Hoskinson, the launch of Alonzo Purple, the public test version of Alonzo, is scheduled for September 6.
Alonzo Purple will be the first version of Alonzo to support all Cardano pioneers as well as third-party developers and partners. Hoskinson said this is an important milestone for the project, as it will allow testing and improving the experience for users and developers before the final launch of Alonzo on the mainnet.
The Alonzo update is one of the most anticipated by the Cardano community, as it will allow decentralized applications (dApps) to be deployed on the network, thus opening a new world of possibilities for the ecosystem. Among the dApps expected to launch on Cardano are decentralized finance (DeFi) platforms, non-fungible token (NFT) marketplaces, and decentralized social networks.
The price of ADA, Cardano's native token, has reacted positively to the news of Alonzo's progress, regaining some of the ground lost following the crypto market crash in May. According to data from CoinMarketCap, ADA is currently trading at $0.2713, up 1.48% in the last 24 hours and 6.72% in the last week.
Technical analysts note that ADA has formed an ascending triangle pattern on the daily chart, indicating a possible breakout to the upside in the near term. If ADA manages to break through the key resistance of $0.28, it could make its way towards the next psychological level of $0.30, where it could face further selling pressure. On the contrary, if ADA falls below the $0.26 support, it could trigger a deeper correction towards $0.24 or even $0.22.
Despite the market uncertainty, many investors and fans remain optimistic about the future of Cardano and its ADA token. According to a report published by Bitcoin World, ADA could reach $5 in the future, based on factors such as its strong technological foundation, its growing adoption, and its potential to solve real problems in the world. The report also highlights Hoskinson's role as the project's visionary and charismatic leader.
What do you think about Cardano and its ADA token? Do you think it will reach $0.30 or $5 at some point? Leave us your comment below. 😊