There isn’t a crypto investor alive who hasn’t heard of Cardano (ADA)at this point. The network is known for being Ethereum’s number one competitor, as one of its co-founders founded Cardano after leaving the project. Cardano (ADA) preparing for a $3 retest. It has exploded in popularity in the last month. In just one month, I was able to generate returns of over 100%.
Cardano’s native coin, ADA, has already surpassed prior all-time highs, while the rest of the market is still attempting to reclaim its April/May highs. As the competition for smart contract capability continues, this has given the project much-needed exposure. The Alonzo Purple Hard Fork will deploy on September 12th, delivering DeFi and NFTs to the ecosystem if everything goes according to plan.
Cardano (ADA) Running Towards $3
If Bitcoin can stay above the 20-week simple moving average, crypto analyst Benjamin Cowen predicts a price of $3. (simple moving average). The price of Bitcoin is cited as a key driver for the asset. BTC has remained above its 100-day moving average, as well as above its 20-week SMA. If Cowen is correct, the ADA is in for another bull run.
ADA’s trade levels have also remained above the 100-day simple moving average. The current average transaction volume is $121 million. With a market capitalization of $89 billion and a coin trading price of $2.82. The asset’s strength has also increased, and it is now 13% higher than its 100-day average.
The number of holders will grow as more investors become interested in Cardano and its returns. When combined with the fact that ADA has the most coins staked, at more than 70% of its current market supply, ADA appears poised to test $3 once more. Cardano (ADA) preparing for a $3 retest. With a significant increase in momentum, the asset is more likely to breach the $3 resistance level the second time around.
Cardano’s incredible price run, which saw the asset clinch the number three spot for top crypto coins by market cap, has been the most visible of these. Taking the place of Binance’s native token BNB. ADA had previously tested the $3 price level but was stopped by this resistance. Cardano (ADA) preparing for a $3 retest. The value of ADA is expected to skyrocket in the weeks leading up to the hard fork.
The addition of DeFi and NFTs to Cardano will increase the asset’s value. As more investors abandon Ethereum due to rising fees, Cardano is the logical next competitor to capture these users. Cardano (ADA) preparing for a $3 retest. Although the blockchain does not have the lowest fees, it is significantly less than Ethereum. While Ethereum currently has a TPS (transactions per second) of 30, Cardano has 257 TPS.