Logo
Cardano Ecosystem

Investingcube

08/23/2021

·

1.6K views


Cardano Price Prediction: 4 Reasons Why ADA is Scorching Hot Now

The Cardano price relentless rally accelerated in the overnight session as demand for the coin kept rising. ADA is trading at $2.7970, which was its all-time high. It has risen by more than 175% from its lowest level in...

Cardano Price Prediction: 4 Reasons Why ADA is Scorching Hot Now

The Cardano price relentless rally accelerated in the overnight session as demand for the coin kept rising. ADA is trading at $2.7970, which was its all-time high. It has risen by more than 175% from its lowest level in July, bringing its total market capitalization to more than $89 billion. This means that the coin is bigger than HSBC, the biggest bank in Europe. 

Why is ADA rallying?

There are several reasons why the Cardano price has had a relentless rally in the past few weeks. First, Cardano developers are expected to provide a status update on their deployment in Ethiopia. 

In an interview with Bloomberg, Charles Hoskinson said that they will deliver an update in the second half of the year. This could provide more information about the state of the deployment and the success rate. 

Second, Cardano is rallying as investors come back to cryptocurrencies. Indeed, other key cryptocurrencies like Bitcoin, Ethereum, and Binance Coin have all rebounded. Most notably, Bitcoin has crossed the key milestone at $50,000. In most cases, Cardano and other altcoins tend to move in the same direction as Bitcoin.

Third, the concept of fear of missing out has come back to Cardano. With the ADA price rising, the number of people buying the coin has risen. For one, the total volume of Cardano traded has jumped to more than $6 billion per day. In July, this volume was typically below the $2 billion level.

Fourth, the Cardano price has risen as investors wait for the upcoming Alonzo hard fork that will introduce the concept of smart contracts. Cryptocurrency prices tend to rally before a major update.

Cardano price prediction

Turning to the daily chart, we see that the Cardano price jumped above the key resistance level at $2.4760, which was the previous all-time high. This price was also along the upper part of the cup and handle pattern. Still, a closer look shows that it did not form a handle part. 

The price also moved above the 25-day and 50-day exponential moving averages (EMA). Therefore, the next key level to watch is $3. However, before that, we expect that a pullback will happen as the coin forms the handle section.

Cardano Price
AD

Proposals Catalyst F14 - Cast your vote, search "Otavio" in the Voting App.

If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Tip: To find them its easiest to search for "Otavio"Vote for Us


Read Original Article on Investingcube

ORIGINAL SOURCE

https://www.investingcube.com/cardano-pr...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from Investingcube

See more
Cardano Price Sends Mixed Signals. What Awaits In the Coming Weeks?
Investingcube
Cardano Price Sends Mixed Signals. What Awaits In the Coming Weeks?

08/20/2025

·

38 views

Related News

See more
Voting for Us - Catalyst Fund 14

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)