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Cardano Spikes Amid Rumors of an Amazon Adoption as Payment Option

July 28, 2021

#ADA#Amazon#Cardano#NEWS#TechnicalAnalysis

Cardano (ADA) recorded a spike above the critical $1.3000 level at the start of the day following rumors that logistics behemoth Amazon plans to accept ADA and seven other cryptocurrencies as payments.

According to inside sources, the directive comes from Amazon CEO Jeff Bezos, and the platform will begin with Bitcoin as payment by the end of 2021. The insider noted that:

“It begins with Bitcoin-this is the key first stage of this crypto project, and the directive is coming from the very top.”

The new development comes amid a recent job posting by Amazon for a crypto and blockchain head. The vacancy advertisement noted the company needed an experienced product leader to develop its digital currency and blockchain strategy and product road.

Charles Hoskinson, the founder of Cardano, describes the network as the third-generation blockchain technology developed to “deliver all the failed promises of Ethereum 1.0.”

Meanwhile, the network recently announced a successful launch of its Smart Contract-compatibility upgrade, Alonzo, on July 21. Unlike other competitors, Cardano has published its complete roadmap.

Since the launch of the Shelley Mainnet in July 2020, ADA developers have delivered sequential successful hard forks, with each one bringing the network closer to its vision of becoming the decentralized network of the future.

Key Cardano Levels to Watch — July 26

ADA posted an overnight surge early this morning amid renewed bullish sentiment across the broader market. The fifth-largest cryptocurrency peaked at $1.4000 before recording a mild correction to the $1.3000 support, where it currently trades around.

ADAUSD – 4-Hour Chart

Bulls need to defend the $1.2890 level (200 SMA) over the coming hours to prevent a steeper correction. Already, the cryptocurrency appears to be in overbought territories on our 4-hour MACD indicator. Failure to secure the 200 SMA could push ADA back to the $1.2000 area.

Meanwhile, our resistance levels are $1.000, $1.3000, and $1.4000, and our support levels are $1.1500, $1.1300, and $1.1100.

Total Market Capitalization: $1.49 trillion

Cardano Market Capitalization: $41.3 billion

Cardano Dominance: 2.76%

Market Rank: #5

 

You can purchase crypto coins here: Buy Tokens

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