Cardano Price Smashes New Highs, Is $3 Imminent Today!
The post Cardano Price Smashes New Highs, Is $3 Imminent Today! appeared on BitcoinEthereumNews.com. As Coinpedia reported earlier, Cardano price successfully formed an ATH in the early trading hours. The ADA price had dipped to some extent in the...
As Coinpedia reported earlier, Cardano price successfully formed an ATH in the early trading hours. The ADA price had dipped to some extent in the previous trading day which laid misty clouds around the rally. Yet the bulls got aggravated and uplifted the price towards the new ATH with the launch of the Cardano Smart Contracts is on the horizon.
The asset surged nearly 20% with the beginning of the fresh day trade to hit the ATH at $2.55. However, like every time, some traders extracted their profit to drag the price down yet the price still stands strong above $2.5. Also manifesting a huge tendency to smash $3 anytime from now.
Also Read: Altcoin Season On Horizon ! SHIB, SOL & FTT Eyes Major Upswing
It is believed that most of the assets tend to follow the Bitcoin price rally and move accordingly. Comparing the price movements of ADA and BTC, Cardano swelled more than nearly 10 times that of Bitcoin since the beginning of 2021. And hence it could be legitimate to say that ADA only follows Bitcoin.
On the other hand, a popular analyst cautions to enter the trade with ADA at the current levels. Lark Davis cautions his 450 million followers to invest wisely as his observation points out towards a notable dump incoming.
Here’s how the market reacted to staking going live on #cardano.
1 Month before price rallies 87% in a week
Price moves sideways for 3 weeks
Smart contracts launch, “sell the news” results in 56% price decline.
This is not FUD, but an observation.
Invest wisely. pic.twitter.com/iGIpfgnUDg
— Lark Davis (@TheCryptoLark) August 20, 2021
As per the analysts, the ADA price had pumped nearly 80% in a week when the Cardano ecosystem announced staking in July 2020. However, the price later maintained a sideways trend and finally experienced a 56% correction. Therefore, maybe the analyst is relating with the upcoming Alonzo Hard Fork. As the current surge appears similar to that of the 80% jump. And with an accumulation for a couple of weeks, the price could dump hard.
However, the price movement in the crypto space is more speculative and uncertain. Despite many believe Cardano price is all set to hit $10, the possibilities of a substantial dump cannot be nullified. Hence an upcoming couple of days could be pretty decisive for the ADA price.
Also Read: Bitcoin vs Ethereum: BTC and ETH Price Race to Hit ATH!
Source: https://coinpedia.org/price-analysis/cardano-price-smashes-new-highs-3-could-be-imminent-today/
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