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by cheeky crypt
Hi and welcome back to cheeky crypto, my name is nick, and today we are going to talk about the smart contract release for car dyno. This is massive news, guys it's going to have a huge impact on price. We'Ve got a few different things to talk about when it comes to cardinal and this massive piece of news guys as we get into it. If you find it useful and informative hit the like button, we both really do appreciate that, if you're new then do go ahead and subscribe, tap the bell and select all notifications in doing so, you will be kept up to date with absolutely everything that we do Here and right with that said, let's jump on down to the desktop and start taking a look at what is going on here when it comes to cardano, smart contracts being released and, of course, the fantastic price association that you get with ada right. Let'S get into it okay guys, so the first thing we want to acknowledge is uh crypto banter, the lucky little sods have managed to uh to basically get the scoop on this one right.
So let me see if i can find it um. They are here right. So basically, charles hoskinson is live with um crypto banter talking about everything um, you know smart contracts and the release date that is associated with them now. This is fantastic news right because ultimately, we've seen already that the ada price has been surging in anticipation of this fantastic news for smart contracts to be launched on the network. So we are talking about this hard fork, combinator event happening on the 12th of september.
So it's only a few weeks away and believe it or not if they actually do hit this, then there's going to be many people out of pocket for taking that bet, thinking that smart contracts will not actually hit the system until after october. So for anyone who was saying that uh, you know, ultimately they will have smart contracts before then. I think you made the right choice. Obviously, 12th of september is only weeks away and we are already starting to see some interesting price discovery on the back of it. We'Ll get into the charts in a moment, but ada has hit over two dollars and since the first time since may, after the announcement was made about these smart contracts, now not saying that uh the release date, but the announcement about the announcement for the smart contract.
If that makes sense right, so charles hudson a few days ago mentioned that he was going to be making this announcement on friday talking about the release of smart contracts and to put a firm date out there. That date has been released. Today is the 12th of september and basically on the lead up to today, we've seen cardinal skyrocket, we've seen it gain such momentum behind it. Now i'm not going to read this entire article guys, but i think it's important. I think many people understand that the price has been moving quite nicely on the back of this.
We'Ve also seen an interesting article and from another fellow youtuber luck davis. Now he believes that ada could 50x surpassing ethereum by market capitalization. Now what's interesting about this is obviously is you know. 50X is unrealistic in my opinion, for this particular cycle um, but i think there is huge potential for a very significant boost when it comes to cardinal - and you know it's not necessarily going to flip ethereum straight away. I think ethereum has a few more years in it before you actually start to see it actually dwindle down, in the same way that you used to see what happened in the internet boom right in the dot com era, where so many um, such as aol, for Example was the largest email provider right or uh, yahoo were the largest email providers and what you saw over time was they lost market share, they kept losing it, they kept losing it and they kept losing it.
They were unable to keep up with the momentum, and this is what ultimately, i feel is going to happen with ethereum and so many other smart contract platforms, popping up that are faster, cheaper and just slightly better. And, to quote dr ben gertzel from singularitynet and the reason that he is leaving ethereum to join cardano, is it simply superior technology? So this is interesting stuff that is going on all around us. This is history in the making, as we start to see the moves being made by cardano and iog the wider team and with everything that they are doing, smart contract functionality is only the beginning, we're going to start seeing so much more when it comes to scalability. With the hydra solution, when we actually start to get into what is going on with governance and all of that dow related things later down the line, all these other areas that are yet to come, and what this means to cardinal in the entire ecosystem.
Overall, ultimately, cardano is going to be, in my opinion, one of the best platforms for many of these cryptocurrencies to then build upon. So something to be mindful of obviously, as we get into everything that is going on for the rest of the most of this month and go into september, see the smart contracts launch we'll start seeing 100 companies migrating over from ethereum over to cardinal we're going to See the launch of new projects on the cardinal ecosystem, we're going to see the community behind cardinal grow and even like just become a whole entity in themselves. I think, ultimately, what we're going to see is a shift in this crypto space. We'Re going to see adoption like we just haven't seen before and cardano is just at the cusp of what is to come in the future. Now, as we get into this technical analysis and we kind of review, what's been going on with the price and where things are currently sat, we are at some interesting milestones now before we talk about this daily chart, i think it's always important to zoom out and Actually talk about where we've come from right, it's always important that we take a look at the bigger picture, because the bigger picture is an indication of what is where we've been, but also where we are going.
And here we can see that cardinal has had an interesting ball run so far. We can see that it is just about out of the over sold area. So it's now coming back up from a correction and so the correction wave 4 and we are slowly moving. Our way back up here now, obviously this is going to take weeks and months, but we can see the green candle that's been printed this week and obviously the amount of space that this is actually taking up on that stochastic predator strength index is absolutely tiny. In comparison to the the actual candle, this is a really positive sign for things to come, as we are looking to push the stochastic relative strength index into an overbought area, and in doing that we are going to see significant price discovery for ada.
Obviously, we have come from all the way down here when car dino was as low as 0.1, okay, um so 0.01, so basically 1.7 during this low area. Here now, if you're buying car dino way before this, you know way way way back when uh everything that was being spoken about the white papers and the vision of where the future was going to where we are today and you're still holding you're doing it incredibly.
Well for yourselves now, obviously, when we take a look at where things are right now on this weekly, we obviously have a good indication that we are looking at this fifth wave and moving it up towards that ten dollar range, but as lar davis is indicating you Know a 50 x position from here would be significantly higher. I think it's very unrealistic for this particular cycle, but i would love to be wrong under this scenario. In fact, you know the technicals are indicating 7.20 to 10 range, but you know a 50x has a nice ring to it. So i would like to see that, but you know i think, that's probably for another cycle and anyone who's interested in my 2025 price prediction check out the video on the channel we actually dive into where we think car dino is likely to go um in 2025.
Based on our expectations of this particular cycle and guys, if you are a cardinal aider holder and you're, not delegating make sure you check out the cheeky one or cheeky car dino pool under the ticket cheek and you'll, be able to basically earn a nice passive income By delegating your ada right, obviously, the bull run and timing is the hardest thing to gauge. So we are still expecting that uh. You know it was the end of the year um. You know basically december january, around that kind of time uh. We should start to see this thing peeking out, but you know it's totally hard to gauge the timing and the momentum that things have been tracking at the moment is actually indicating, maybe a slightly earlier end um, but right now things are um, at least in my Opinion still tracking uh perfectly fine for the end of the year, so we'll be mindful over that.
But timing, as always, is the hardest thing to gauge. Now, let's jump into that daily, because this is where some really interesting stuff goes on right. We are actually overbought on that uh stochastic relative strength index, but we've actually reached some key areas right. So when we talk about this fibonacci retracement tool, obviously a lot of these areas of the fibonacci retracement, they resonate all over the place. Um and basically you see lots of consolidation around these key areas and that's exactly where we are right: we're right there at the 702, and that is the resistance line right now at two dollars and three cent, and we pushed up a little bit above that.
But unable to sustain it, so what we're looking for here is a correction to a degree and to get allow us to get the momentum to push on through getting a closed candle above the seven eight six. This is a two dollar fifteen dollar, that's two dollars and fifteen cent area. Getting that close right. There is going to be absolutely key for the next leg and where we are going and it's only a small jump from there to all-time high and then obviously new price discovery for ada and so lots on this uh horizon four car dyno. It'S all looking pretty good here um.
We obviously want to make sure that we are looking at that hourly as well right, because we know that we're over sold just exiting the oversold area on the weekly. We know we're overbought on the daily, but how does that represent or or is referenced within our hourly view? Well, here we are, of course, overbought, but we're actually having this correction and we're actually holding this really really well, and here you can see that we're basically right on that 702 line. If we continue this sideways trade across here for a few more hours, we could correct our stochastic relative strength index, which will allow us to take that motion back to the upside. Obviously, this news that cardano's smart contracts are going to be launched on the 12th has only just dropped.
This has not yet actually reached many people in the space. I imagine that we are actually going to start seeing a significant push here in the next little while so as we kind of get into the next 12 to 24 hours. I think car dynam is really going to start to push and it's going to get. This closed candle, just above this area above that 2 15 range that closed candle was a really good ball signal and that's going to really take us off to the all-time high areas where we then actually start to address some new price discovery here for cardano's ada. So everything is looking like it's moving nicely.
We can also take a look at the volume here. You can see the volumes dropping off that momentum is coming out already, okay, and what we're looking for is to basically continue that sideways trade. While we lower this volume down and we basically correct our stochastic doing these things allows us to have a really good strong case to push the price past that 786 area past 2.15 and get the closed candle back test. Because we're going to have to have a correction back test on that 786 area before we then go up and actually talk about going to the previous all-time high guys.
This is fantastic news for cardano. There is a lot going on with this project, obviously still those to get across the line, but the 12th of september is going to be a key date for many ada holders. Loads of price discovery is on the horizon guys and i think we're going to be in for a fantastic, close of quarter three and finishing the year in a really strong way for cardinal
