Cardano ( $0.00 ) has become the third-largest cryptocurrency by market cap after breaking $2 earlier today.
Charles Hoskinson is expected to announce the date smart contracts will launch on Cardano ( $0.00 ) as part of the Alonzo hardfork today, which may explain the rise.
Further buying pressure could see ADA climb to new all-time highs, but a postponement could lead to a selloff.
Share this article
Cardano ( $0.00 ) has skyrocketed as market participants await a protocol upgrade that will expand the network’s utility.
Cardano ( $0.00 ) Moves Past $2
Cardano ( $0.00 ) has surged nearly 20% in the last 24 hours.
ADA is trading above $2 for the first time since May, which puts its market cap above $65 billion. It’s overtaken Tether to become the third-largest cryptocurrency, behind only Bitcoin ( $60,115.00 ) and Ethereum ( $2,777.77 ) .
The sudden upswing seems to be fueled by mounting speculation around Cardano ( $0.00 ) ’s smart contract functionality. Founder Charles Hoskinson is expected to reveal further details about Cardano ( $0.00 ) ’s forthcoming Alonzo hardfork today, which includes plans to launch smart contracts on the network. Cryptocurrency enthusiasts have turned bullish on the token’s future price action.
Behavior analytics platform Santiment reveals that the recent upward impulse was supported by a spike in buying pressure across the board. Cardano ( $0.00 ) ’s trading volume has skyrocketed by 250% over the last four days.
Another uptick in buy orders may signal the continuation of the uptrend, potentially pushing the asset into price discovery mode.
IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows that nothing stands in Cardano ( $0.00 ) ’s way to new all-time highs. The only considerable supply zone lies between $2.15 and $2.20. Around this price level, more than 20,000 addresses have previously purchased over 150 million ADA.
A decisive close above this resistance level could see market participants rush to cryptocurrency exchanges to buy in, consequently pushing prices further up.
Investors must note that the cryptocurrency community expects Cardano ( $0.00 ) ’s Alonzo hardfork to occur in early October. An unanticipated delay in the protocol upgrade could lead to disappointment, encouraging market participants to sell.
Under such unique circumstances, the IOMAP reveals that the most significant support level sits between $1.72 and $1.79, where over 100,000 addresses hold nearly 2 billion ADA.
This news was brought to you by Phemex, our preferred Derivatives Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Cardano ( $0.00 ) Preparing for Web, Mobile Integration
Charles Hoskinson briefed the Cardano ( $0.00 ) community on the blockchain’s plans to add web and mobile integration. Plutus Now Compatible With Web Browser Charles Hoskinson says Cardano ( $0.00 ) will soon support web…
Cardano ( $0.00 ) Expands Testnet Support for Smart Contracts
Cardano ( $0.00 ) has implemented the latest version of its testnet, Alonzo White, bringing smart contracts one step closer to a final release. Cardano ( $0.00 ) Tests Smart Contracts IOHK announced today a successful…
Grayscale Adds Cardano ( $0.00 ) to Multi-Asset Fund
Grayscale adds the Ethereum ( $2,777.77 ) competitor to its portfolio. Grayscale Buys Into Cardano ( $0.00 ) Grayscale has added Cardano ( $0.00 ) to its Digital Large Cap Fund, the firm announced Friday. In a press release,…
How to Trade Using the Inverse Head and Shoulders Pattern
In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…