Do you know that Cardano is one of the world’s most eco-friendly and sustainable cryptocurrencies? Bitcoin uses Proof of Work consensus, which is not eco-friendly and relies on energy-intensive mining. On the other hand, Cardano works on a Proof of Stake consensus where users stake coins to validate the transactions instead of mining. Experts suggest Cardano is 30000 times more energy efficient than the world’s largest cryptocurrency, Bitcoin.
Many experts also suggest that the EV boom in the crypto world is Proof of Stake in cryptocurrencies like Cardano and Ethereum. They expect blockchain with Proof of Stake consensus will face fewer government regulations. Indeed, if you are looking for a long-term investment, ADA is one of the best coins. Many cryptocurrencies have energy-efficient/green features, but Cardano and Ethereum are the most popular.
In August, a Vasil hard fork will make major upgrades on the Cardano blockchain network. Based on this euphoric news, the ADA price has increased more than 5% in the last 24 hours. Get more information about the future price rise of the token in our ADA price prediction.
At the time of writing this post, ADA was around $0.530, trading around the resistance level of $0.620. That means it may break the resistance level or return to the support level of $0.465. Cardano has been forming higher highs since the second week of July, which means it is bullish.
Moreover, technical indicators support it. MACD is bullish and forms green histograms. RSI is 59; green candlesticks are forming on the upper band of the Bollinger Bands. Overall, the short-term prospect is bullish for ADA.
On the weekly chart, the last Cardano candle has formed a bullish hammer which suggests an uptrend, supported by MACD, forming a bullish crossover and RSI at 37. However, it suggests short-term bullishness, but we cannot consider ADA long-term bullish until it crosses $0.70.