Most altcoins in the market have rebounded massively and risen from July lows. Cardano, one of the top ten altcoins, has been steadily rising in the past week. The coin is currently ranking third from bitcoin and ethereum in terms of market capitalization. ADA’s market cap currently sits at around $65 billion.
Cardano is trading at $1.97 at the time of writing after a 9.9% gain in 24 hours.
ADA Price Analysis
Cardano has managed to make incredible gains in the past few days. The weekly gains for ADA sit at above 40%. During intraday sessions, ADA almost clinched $2 after reaching $1.99. However, this level was rejected.
ADA will retest $1.99 again before making a bullish run to $2.20. Market and buying support is very strong, and this level could be achieved in the coming intraday trading periods. Going to $2 means that Cardano will be closer to recovering its all-time high of $2.45 achieved in March. Currently, ADA is 18.6% away from reclaiming this high.
If there is a slip in ADA’s prices, the coin will retreat slowly to $1.70, which will be evidence of a price correction following the recent upsurge.
The recent ADA boom will most likely extend over the weekend following an anticipation buildup of when smart contracts will be launched on the Cardano network. Charles Hoskinson is expected to make the announcement today on when the Alonzo hard fork will happen. He also added that the hard fork would be deployed before the Cardano Summit in September.
Hoskinson, popular on crypto Twitter, is an agile support of Ethereum, a network he helped to co-found. Hoskinson recently had an altercation with Anthony Pompliano on Twitter, where he claimed that ethereum was better than bitcoin. Last month, Hoskinson stated that bitcoin was like an old football star that now had a “beer belly.”
Where to Buy ADA
If you want to buy ADA during the current bulls, you can create a cryptocurrency exchange account on a reliable platform such as eToro. eToro is a leading exchange because it supports a wide range of features and tools. eToro is also popular for its social copy trading feature that allows new traders to learn from market experts.