Cardano Hits Bottom? What You Should Consider Before Rushing Into ADA

Cardano managed to enter the top 5 cryptocurrencies by market cap and take the number 4 position, not including USDT. The cryptocurrency has seen important appreciation in 24 hours (5%) and during the past week (25%) following an explosion in its ecosystem.

Related Reading | Cardano’s Ecosystem Explodes, Why ADA Could Be Quick To Resume Bullish Trend

As of press time, ADA trades at $1.47 as it bounces up its lows in the 4-hour chart.

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ADA trends to the upside in the 4-hour chart. Source: ADAUSDT Tradingview

Cardano was heavily impacted by recent months price action in the crypto market. After reaching an all-time high north of $2,20, the cryptocurrency lagged and dipped back into its critical support zone just above $1.

Economist Michaël van de Poppe believes ADA has begun an upward trend after bouncing back from the lows with continuation but could yet present a buying opportunity. The analyst has been bullish on ADA for a while and believes $1 will remain critical support.

As seen below, Cardano (ADA) has constantly bounce back from these levels on every major dropped including March and July 2021 when the entire crypto market saw a crash of over 50%.

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ADA’s critical levels in the daily chart. Source: Michaël van de Poppe via YouTube

At the moment, ADA’s price approaches resistance near $1.53 and could yet give traders an opportunity to take a long position. Van de Poppe claimed the following on Cardano’s potential future price action:

If you want to get into Cardano and you didn’t really get the chance you were looking for (…). In that case, we are looking at long entries at the lower boundaries so around $1.3. We are looking at support here on a daily timeframe.

On lower timeframes, van de Poppe believes traders shouldn’t be chasing positions, but $1.41 could provide an “aggressive” opportunity to take a long. In that sense, Cardano must break above $1.55 to continue its bullish momentum.

Cardano Experiences Ecosystem Explosion

Even if ADA manages to break above the aforementioned resistance, the price could form a consolidation zone above those levels which could present a more efficient opportunity to take a long position. Should Cardano sustain those levels, its price could start targeting former highs at around $2 and $2.33.

Although Cardano has been trading with more strength than some of the other cryptocurrencies in the market, Bitcoin must maintain its current levels or trend upside to prevent ADA for re-testing its support levels. At the moment, Bitcoin seems to be leaning for more downside for the short term.

ADA’s recent bullish price action seems to have been driven due to a growth in the number of projects building on the network. As NewsBTC reported a week ago, there are currently over 200 projects leveraging the network smart contract capabilities.

Related Reading | Cardano Set To Enter The Babbage Era After Alonzo HFC Milestone

Source: Input Output Media via Twitter


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Why 2022 Could Be The Best Year For Cardano, Top Bullish Predictions

Cardano (ADA) experienced a major downtrend in the past months as the crypto market took another swing for the lows. The sixth cryptocurrency by market cap has seen a year in the green as it managed to complete several upgrades on its mainnet.

Related Reading | Biggest Cardano Based Cross-Chain NFT Marketplace Verlux kicks Off Pre-sale

First, Cardano successfully transitioned to a Proof-of-Stake consensus in 2020, shortly after the D parameter reached “0” signaling the full decentralization of block production. The network went from a federate consensus to a community-based consensus as the latter control most stake pools producing blocks on the network.

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Later, the start of a new era with the first of 3 major Hard Fork Combinator (HFC) events with the implementation of “Allegra”, followed by “Mary”. These upgrades brought new capabilities to the Cardano mainnet which were completed with “Alonzo” that introduced smart contract capabilities into the blockchain.

This ecosystem has already seen a surge in projects, as developers and users rush in to build and leverage the benefits of its UTXO model. In that sense, community member ADA Whale shared his top predictions that could boost another rally for the underlying cryptocurrency of the Cardano network.

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ADA Whale mentioned the potential increase in the number of transactions and active addresses for Cardano. The investor believes these fundamentals could increase by a factor of 5 leading into a massive wave of adoption in 2023.

Cardano remains one of the most actively used networks. Scaling happens via different streams, first gradually to keep up w growth, exponentially in 2023.

This new wave of adoption for this network could translate into more projects. The investors estimated that by the end of 2022, there could be more than 250 decentralized applications, DeFi platforms, launchpad and more on the network. The investor added:

Cardano DeFi starts slowly but TVL >$10bn eoy. Dapp store with levels of certification goes live. Ease of use sees people replace banking stack with Cardano DeFi. Digital Identity projects thrive connecting DeFi w/ real world. UTXO DeFi will be different, and better

Cardano And Its Potential For The Coming Years

In addition to its security, according to ADA Whale, Cardano offers low fees, energy efficiency with a green footprint, and has been adopted by companies and projects with a global impact. This includes World Mobile, Singularity, and others.

The aforementioned collaborations place the ecosystem in different sectors with close deals with governments in growing economies. Cardano will strengthen its partnerships in the coming years as it attempts to provide people with an open, decentralized, and accessible network to manage and support a variety of basic services.

In the meantime, the network develops interoperable capabilities. ADA Whale mentioned Milkomeda, a second layer solution for Cardano with EVM compatibility. This types of solutions will help onboard more users and developers.

Related Reading | Cardano Project Flickto Surpasses 1.5 Million ADA Staked One Month After Launch

As of press time, ADA trades at $1,36 with sideways movement in the past day.

ADA trends to the downside in the 4-hour chart. Source: ADAUSDT Tradingview


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Cardano Trends Down, ADA In Danger Of Sliding Back To $2?

Cardano has had one of the best performances in the crypto market during 2021. The cryptocurrency scored major milestones and climbed its way up the ladder of the crypto top 10 by market cap.

Currently sitting at the third position, after surpassing DOGE, XRP, BNB, Cardano (ADA) trades at $2,37 with a 2.1% loss in the daily chart. In the weekly chart, the third crypto by market cap records a 5.8% loss.


Analyst Justin Bennet has been closely following ADA’s price action. The cryptocurrency has seen a lot of movement during September with a significant pullback on the 7th, followed by a relatively quick recovery into the high area of its current levels.

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At that moment, ADA stood at around $2.70 with support at $2.60, $2.47, and $2.30. As Cardano continues its downtrend, the final obstacle for the bears stands at the latter support mark.

Related Reading | Cardano Sees Over 40,000 Smart Contracts Deployed 4 Days After Alonzo HFC, How This Affects The Price

Bennet claims that if this line of defense is lost, ADA could rapidly drop to $2. The cryptocurrency recently saw the “intersection of ascending channel support and a horizontal level” since it started its recovery after the crash on the 7th. The analyst said:

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I still think there’s a good chance we see ADA trade to $2 this month. However, as I’ve said for the last week, it’s going to take a daily close below $2.30 to confirm the breakdown.

Alternatively, if the bulls retake higher levels, ADA could resume its upward trend. However, Cardano has been moving below a trend line formed in the past days, as indicated by the chart below, and seems likely that it could increase its downside risk during the weekend.


What Bitcoin Could Signal For Cardano (ADA) In The Short Term

In the crypto market, most of the assets increased their correlation with Bitcoin as big moves to the upside or downside occur. Cardano could benefit from this phenomenon, as ADA sits at a critical point, or it could see itself returned to the $1 levels.

Related Reading | Cardano Successfully Deploys Alonzo HFC, But Why Is Price Down?

The next days could be crucial for the entire crypto market, as Bitcoin’s price action could determine if the bulls or bears are in control. Bennet said:

A weekly close back inside that range wouldn’t be good, but a lack of macro higher highs is enough. If we’re in a bull market, we should see Bitcoin take out $53k, $65k, etc. Simple as that.

Conversely, there is one scenario where Bitcoin could see more gains as altcoins like Cardano (ADA) bleed. There has been growing rumors about the possible approval of a BTC ETF, this could give Bitcoin a fresh inflow of capital flow, as analyst Pentoshi said:

I do think we will see more capital inflow into Bitcoin especially as ETF talks heat up over the next month. It doesn’t mean there won’t be outliers and opportunities in alts. of course, there will be. But the word itself “Alt season” implies seasonality which means something that isn’t year round.

In that sense, the analyst recommended investors keep track of the Bitcoin dominance for risk management. Q4, 2021, approaches and investors seem to feel more uncertain about the direction of the crypto market.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course


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PrimeXBT Lists Cardano Following Alonzo Hard Fork And Smart Contract Update

Over the last several weeks, the peer-reviewed blockchain Cardano and its native crypto asset ADA have been on an absolute tear, adding to a year-to-date rally of more than 1,000% ROI.

From Black Thursday 2020 lows of around two pennies, the now third-ranked cryptocurrency by market cap trades for $2 apiece, highlighting a monster 18,000% surge from the bottom.

Now, PrimeXBT traders can get a piece of the action with Cardano as part of seven new crypto assets that were listed as part of the latest update from the company.

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PrimeXBT Lists Cardano, Solana, Polkadot, Chainlink, XRP, Uniswap, And Dogecoin

According to a blog post from the award-winning PrimeXBT via the company’s official blog, seven new altcoins and a variety of trading pairs have been added to the platform’s already staggering lineup of digital and traditional assets.

Few platforms offer forex, commodities, stock indices, and more next to cryptocurrencies, and never this many crypto assets on a single platform with so much else under just one roof. And now, there’s even more.

The update to the growing lineup includes Dogecoin, Solana, XRP, Uniswap, Polkadot, Chainlink, and, as we mentioned, Cardano. Each altcoin trades at up to 1:20 leverage using BTC, ETH, USDT, and USDC margin accounts or at up to 1:10 for Covesting strategy managers, who now can access more profits than ever before with the new listing of Cardano. 

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“Ethereum Killers” And Why Cardano Is One To Watch

Cardano is worthy of a separate callout because it leads the charge of rapidly growing altcoin market share. Cardano was once ranked around tenth or lower in the top cryptocurrencies by market cap, while today, it is number three, right behind only Ethereum and Bitcoin.

Cardano is the most environmentally sustainable proof-of-stake blockchain, as well as the first peer-reviewed blockchain based on real-world evidence and evidence-based methods. It is said to be the blockchain for “changemakers, innovators, and visionaries” and is among the Ethereum killers gunning for the number two spot.

Although it competes directly with Ethereum, Plutus smart contracts have only just been deployed following the Alonzo hard fork. Looking ahead, the Cardano Summit 2021 runs September 25 and 26, which could lead to more positive fundamental news for the cryptocurrency project founded by Charles Hoskinson.

The debut of Cardano’s Plutus scripts will allow dapps to run and for DeFi to blossom on the platform. Developer Input Output reminded the Cardano community that there could be “bumps in the road.” However, the crypto community remains bullish on the altcoin, with price targets reaching as high as $10 per coin.

ADA Trading Pairs Now Live At PrimeXBT

At only $2 per ADA currently, going long on the ADAUSD or ADABTC trading pairs recently added by PrimeXBT to the price predictions above could be a trade of a lifetime. If markets turn bearish and those targets aren’t reached before the next downtrend, PrimeXBT lets traders short these trading pairs as well. 

Alongside record-smashing assets like Cardano, PrimeXBT has also listed Dogecoin, Polkadot, Chainlink, XRP, Uniswap, and Solana, joining Bitcoin and Ethereum Litecoin, forex currencies, stock indices, commodities, and much more available from a single account. Never has there been an opportunity for such portfolio diversification under one roof. 

The multi-asset margin trading platform also offers built-in charting tools, personalized service with dedicated account managers, the highest level of asset protection, advanced order types, Covesting copy trading module and several other advantages and features designed for novices and professionals alike. As part of constant innovation, the Covesting Yield Account system is due to be released next with the new asset listing now in the rear view. Within the next several weeks, the APY-generating tool will go live. Don’t miss it, the new assets, or whatever the award-winning platform comes up with next. 


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Analyst Lays Out Theory That Suggests A 290% Move In Cardano (ADA) Before Rally Is Over

Cardano (ADA) has no doubt has an interesting couple of weeks leading up to this point. The digital asset has hit multiple new all-time highs as the rally raged on. Only now slowing down but still well above its last all-time high set in May of this year. The slowdown has seen the price of the asset lose its footing over $3, causing it to crash down below $2.70 for the first time in over a week.

This loss of momentum has led the market to believe that the asset might be nearing the end of its rally. But not everyone thinks so. Analyst Jason Pizzino has predicted that the altcoin still has a bit of fight left in it, predicting a 290% move before the end of this current bull cycle. An increase of this magnitude would put the price of ADA at nothing less than $7, solidifying its claim as the third-largest cryptocurrency by market cap.

The Theory Behind The Prediction

Jason Pizzino took to his YouTube channel to share his prediction with his over 200K subscribers. The prediction completely rests on the back of a single theory, the Elliott Wave theory. A theory that predicts the future price action of an asset by looking at extremes in investor psychology which comes in waves. So this is basically looking at investing patterns of the market.

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Related Reading | These Three Lagging Altcoins Are Poised For A Breakout, Says Crypto Strategist

This current theory puts every bull market in a series of cycles separated into five different waves. During waves 1, 3, and 5, the price of the asset rallies upwards. While waves 2 and 4 come with a price correction. For Cardano (ADA), Pizzino says the asset has completed four waves so far, including waves 2 and 4 which are the market corrections. Now, the fifth wave is imminent, which would lead to a massive price increase.

Pizzino puts the current downward correction as wave 4 while identifying the biggest wave so far as the price surge from $0.10 to $2.47, which occurred last month, as wave three. Since wave three is usually the biggest, Pizzino puts the fifth wave on par with the first wave, the surge from $0.01 to $0.17. Placing the fifth wave at only a 290% increase.

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Cardano (ADA) Price On The Rise

So far, it does not look like Cardano (ADA) has reached the end of this downward correction. But Pizzino points to it as part of the five-wave theory movement. Comparing it to the first wave that saw a 900% increase between April 2020 and July 2021, the analyst says, “I’m excited to see the waves play out similarly.”

Cardano (ADA) price chart from

Cardano (ADA) price chart from

Pizzino's prediction would put ADA price close to $10 | Source: ADAUSD on

Cardano still has a final card to play before the rally can be said to be truly over. The smart contracts testnet is currently live and developers have started building DApps on the network. But the release to the general public is still scheduled for September 12th. If all goes well with the launch, then this might be the event that triggers the fifth wave of Elliott Wave theory.

“What do we get if we do an 800% or 900% from the low that was put in in June and July? That would bring us to around our $8 mark. Maybe we hit a 1,000% return from that point. That’s going to bring us up to $10 or $11.”

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Although optimistic about the asset from here, Pizzino issues a warning for investors. The potential for massive runs also comes with sharp downwards corrections that will reverberate through the market. “All good runs will come to an end,” says Pizzino.

Featured image from CreditDonkey, chart from


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Flash Crash Sends Cardano (ADA) Barreling Downwards To A $2 Retest

Cardano (ADA) has not been left out of the massive flash crash that just occurred throughout the market. What seemed to be a good day for bitcoin as El Salvador’s “Bitcoin Day” began has now turned to nothing short of a nightmarish market opening. The crash saw bitcoin drop $6K in only a matter of hours. While the general altcoin markets have recorded crashes as high as over 20% in the same timeframe.

With altcoins following bitcoin closely, the price of the ADA shows similar movement patterns to BTC following the flash crash. The number 1 crypto coin fell to the mid-$40K, taking the whole of the market down with it.

Related Reading | IOG Denies Rumors About Cardano Smart Contracts Platform

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The flash crash has taken the market by surprise, given that general sentiment is positive and the Fear & Greed Index putting the market in “Extreme Greed”. There’s currently no exact reason pinpointed for this crash. Although massive liquidations to the tune of almost $1 billion across the crypto market look to be the culprit. The liquidated positions being mostly long positions.

Crash Puts Cardano (ADA) In Chokehold

Struggling alongside the other cryptocurrencies is Cardano (ADA). The asset had long left behind the $2 price point since mid-August, with indicators pointing towards a pathway to $5 following upgrades. But with the current flash crash, the digital asset lost over 18% of its value. This set it on a downward trend that saw ADA hitting the low $2s for the first time in three weeks.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

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Even though Cardano (ADA) has seen an upward correction that sent it towards mid-$2, the price is still maintaining a struggling pace. Trend lines in the asset show a sideways zig-zag, up and down pattern. Depicting numerous dips and recoveries in just the past hour alone. Starting the early hours of the morning was ADA at $2.75. A bit shaky but was holding on tight to this price point.

Cardano (ADA) price chart from

Cardano (ADA) price chart from

Flash crash sends ADA price to three-week lows | Source: ADAUSD on

At this junction, it is still too early to tell how much recovery ADA will make in the hours following the flash crash. It has so far recovered about 6% of value lost during the crash, with indicators pointing towards total recovery. As of the current time of writing, Cardano (ADA) is still trading low at a price of $2.45 according to Coinmarketcap, with a 24-hour price change of 13.46%.

Featured image from, chart from


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Led By Litecoin, Mid-Cap Altcoins Bleed With Bitcoin

Litecoin awoke from a month-long slumber to follow the general sentiment in the market. The price of LTC broke above the $200 resistance, only to drop with the crypto market flash crash.

At the time of writing, Litecoin trades at $181 with a 17.31% loss in the daily chart.


The market seems to be reacting to the events triggered by El Salvador making Bitcoin legal tender. Whales could have used the bullish sentiment to push down the prices, triggered liquidations, and entered new positions.

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Despite the crash, Analyst Ali Martinez believes Litecoin could reclaim its bullish momentum. Since the beginning of August, the number of unique addresses that joined the network reached a higher high, the analyst said.

As seen below, this metric stood at 220,000 new addresses created on September 6th alone. The Number of New Addresses from Glassnode is useful to measure the number of users with fresh capital coming into LTC and “could be interpreted as a sign of optimism”, Martinez said.


In addition, large investors went on a “buying spree” with the number of addresses holding 10,000 to 100,000 adding over 720,000 LTC in the past 30-months. This coincides with the increase in the price of Litecoin, as seen below.

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Further data provided by IntoTheBlock records around 170,000 addresses that bought 3 million Litecoin when the price was at $222. Martinez believes this is the next major resistance, LTC’s price must recover and rise above it to push into previous highs.

Support is bigger than resistance in terms of volume. Still, prices must slice through $222 to advance further.

Litecoin, Solana, Polkadot, Follow The Bearish Trend

Almost no altcoin in the top 20 by market cap has been able to hold its gains. Litecoin is one of the worst-performing in the past day, followed by Internet Computer (ICP) with a 23% loss, Polkadot (DOT) with a 17.3% loss, Cardano (ADA) with a 16.6% loss.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

These altcoins have shown resilience to previous downside trends. Only Solana (SOL) records a 10.7% profit in the daily chart on the back of the growth of its ecosystem.

In the short term, Bitcoin could determine the fate of the entire market. Litecoin displays solid fundamentals for a recovery, but BTC losing key support at $43,000, could potentially trigger another leg down to its previous range around the high levels of $30,000.


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IOG Denies Rumors About Cardano Smart Contracts Platform

Over the past few days, some questions have been raised on Cardano and its smart contract platform, Plutus. To be implemented with Hard Fork Combinator event Alonzo, the platform is currently on its final testing stage, and it’s expected to go live in the short term.

The concerns and rumors were mostly discussed on social media platforms, such as Twitter and Reddit. The main issue revolved around Cardano’s capacity to handle a high number of transactions in a determined smart contract.

This is due to the protocol’s ledger approach, and their Unspent Transactions Output (UTxO) blockchain model. The source of the rumors was apparently originated from a product called Minswap, currently testing Plutus, as user “HoneyGramOfficial” reported on the subreddit r/Cardano.

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Minswap “rushed” to launch their product and users interacting with it reported failures. Cardano detractors claimed that the blockchain UTxO model without a fee gas market will cause the platform to have issues upon Plutus’ launch. Developer Foobar (Oxfoobar) said:

Cardano is BTC with better UTXO validation and worse decentralization. Both the UTXO model and Hydra liveliness reqs are incompatible with most smart contracts, even Uniswap. Centralized relayers required.

Cardano’s developer IOG quickly responded to what they classified as “social media speculation”, and “outright FUD & misinformation”. The company went on to clarify that the network does have a different “programming paradigm” than Ethereum, the blockchain with most DeFi applications. IOG added:

The specific flavor #Cardano uses is the eUTxO – or extended model which we believe offers greater security, allows for fee predictability (no nasty surprises…) and offers more powerful parallelization.

Responding To “FUD”, The Cardano Community Reacts

In addition, IOG said that, unlike what the rumors were claiming, dApps build on top of Cardano can process more than 1 transaction per block. This is part of the developers’ work to design their dApp with “multiple UTxOs” and enforce “more parallelism”.

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The company committed to continuing to inform the community, users, and developers about the technical elements of Cardano. The community has also provided educational material and tools to understand the ledger approach.

Despite the fact that the Minswap launch could have led to the rumors, IOG congratulates the project on its launch and claimed, “this is what a testnet is for”. In addition, the company highlighted that the smart contract ecosystem on Cardano is at its early stage.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Thus, there is room for growth and improvement, IOG hinted. According to the company, there has been a great deal of participation and excitement around Plutus. They expect an “explosion of activity” in the coming months.

Hundreds of developers have completed the #Plutus Pioneers course. Scores of projects have already started developing in Plutus & are at various stages of expertise and readiness. #ProjectCatalyst saw 800 project applications last week seeking $4M for #BuildingOnCardano.

Despite the negative news, ADA’s price barely reacted. The cryptocurrency dropped a few percentage points, and quickly recover to its current levels moving sideways over the past day.

At the time of writing, ADA trades at $2,85 close to its all-time near $3. The resilience of the price, even when facing a strong attack, speaks to the investors’ confidence in the project. If Cardano, its developer IOG, and community are successful, ADA could go for another leg up into uncharted territory.



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Cardano (ADA) Breaks $3, Here’s Why Price Will Break $4 In Coming Week

Cardano (ADA) has been on fire recently. At this point, it is no longer a surprise to see the asset posts massive returns in just a short period of time. With so many big things lined up for the project, the price has continued to rally. Now, ADA has broken a critical resistance point in its race to the top. The coin had suffered dips following the knockdown from its first $3 resistance point test. But has successfully broken through this barrier.

Cardano (ADA) price chart from

Cardano (ADA) price chart from

ADA carries out a successful retest of $3 | Source: ADAUSD on

The early hours of the morning saw the price of the digital asset hit a new all-time high of $3.10. Before hitting what appears to be a roadblock and correcting back down. Although this downward correction does not look negative on ADA.

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Correcting downwards is typical for assets that have rallied in a short amount of time. Basically giving the market time to catch up with the valuation of the asset. ADA’s correction saw it hit back down towards $3. But this point acted more as a bounce point for Cardano, which sent the price back up to a more comfortable resting point for the time being.

Related Reading | Cardano Offers Up To $10,000 For Network Vulnerabilities In Bug Bounty

Nevertheless, the asset looks poised for another rally. With the current momentum and general market sentiment surrounding ADA, it will be no surprise to see it hit $4 next week. Growing interest has led to an accumulation of the asset. Future use cases put Cardano on track to become one of the most widely used blockchains in the space. Hence giving its native asset ADA the needed push to grow fast enough to break through $4.

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Factors Pushing Cardano (ADA) Towards $4

Most of the momentum ADA has seen has come from the expected upgrades occurring this month. The team behind the Cardano project announced in August that the final upgrade, which is the Alonzo Purple Hard Fork, that will bring smart contracts capability to the network will be released on September 12th. This will put the blockchain on a level where it can compete with Ethereum, the leading smart contracts platform.

As users anticipate being able to carry out decentralized finance services and mint NFTs on the network, investors have poured money into ADA. Expecting the price to blow up leading up to and after the announcement of this final upgrade.

Related Reading | Cardano (ADA) Founder Responds To Criticism Over New Crypto Partnership

Cardano founder Charles Hoskinson has said that the project is on track. And Cardano has received the go-ahead from its shareholders to release Alonzo Purple as scheduled. With less than two weeks left to the launch, the price is expected to continue to rally, with the current trajectory putting ADA on a sure path to $4 before the release of smart contracts capability. After which adoption of the network due to its new use cases will drive the price even further up.

Featured image from 123RF, chart from


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Cardano (ADA) Getting Ready For A $3 Retest?

At this point, there is not a crypto investor that has not heard of Cardano. The network is famed for being the number 1 competitor to Ethereum, seeing that one of its co-founders had created Cardano after exiting the project. Its growth has been tremendous in the past month alone. Giving returns of over 100% in the space of a single month alone.

Related Reading | Crypto Analyst Lays Out Cardano’s (ADA) Pathway To $4

Cardano’s native token ADA has already broken its previous all-time highs, while most of the market is still trying to get back up to its high points in April/May. This has provided the project much-needed notoriety as the race towards smart contracts capability continues. If all goes as planned, the Alonzo Purple Hard Fork will launch on September 12th, bringing DeFi and NFTs to the ecosystem.

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Cardano (ADA) Running Towards $3

Crypto analyst Benjamin Cowen also puts the price at $3 if the Bitcoin can stay above the 20-week SMA (simple moving average). Citing the price of Bitcoin as an important driver for the asset. BTC has maintained trading over its 100-day moving average, putting above the 20-week SMA. If Cowen is right, then ADA is set for another bull rally.

Cardano (ADA) price chart from

Cardano (ADA) price chart from

ADA price sets sights on $3 | Source: ADAUSD on

ADA has also maintained trade levels above the 100-day simple moving average. The average transaction volume currently sits at $121 million. With the market cap at $89 billion at a coin trading price of $2.82. The strength of the asset has also grown, currently 13% higher than its 100-day average.

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Related Reading | Cardano: Alonzo Enters Final Stage, Smart Contracts On The Horizon

As more investors take an interest in Cardano and its returns, the number of holders will go up. Coupled with the fact that ADA has the highest amount of coins staked, at over 70% of its current market supply, ADA looks set to test $3 again. And with a significant uptick in momentum, the asset is more likely to break the $3 resistance point the second time around.

Growing Value

More prominent of these have been Cardano’s incredible price run which saw the asset clench the number 3 spot for top crypto coins by market cap. Beating out Binance’s native token BNB to take its spot. ADA had earlier tested the $3 price level but was knocked down at this resistance point. ADA’s value is expected to skyrocket in the following weeks leading to the hard fork.

Related Reading | Cardano (ADA) Founder Responds To Criticism Over New Crypto Partnership

DeFi and NFTs coming to Cardano will also grow the value of the asset. As more investors move away from Ethereum due to growing fees, Cardano is the next natural competitor to take these users. Although the blockchain does not offer the lowest fees available, it is significantly lower than EThereum. While Ethereum’s TPS (transactions per second) currently sits a 30, Cardano offers 257 TPS.

Featured image from, chart from


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Bitcoin (BTC) $ 37,729.11 1.00%
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