It Is Just The Beginning For Cardano!
The bulls in the crypto market are finally back in action, resuming the predominant uptrend. After an extended period of consolidation, the buyers have stepped up, breaking through the key resistance levels. In fact, a few of the top cryptos in the market cap, including Solana and Terra, have broken through their all-time highs in the last week. Recently, the popular Cardano market also hit its ATH and is trading about 10% above it.
Not to mention, Cardano (ADA) is the first cryptocurrency in the top five list to trade above its recent all-time high. And the price action is clearly an indication of the money flow in the crypto market. Though Cardano does not receive as much attention as the top two cryptos, Bitcoin and Ethereum, it has evidently caught the eye of the institutional players.
The prof-of stake-based Cardano blockchain is fiercely heading higher with momentum despite the news of the Ethereum network transiting from proof-of-work to proof-of-stake. Direct competition from the world’s second-largest cryptocurrency stands unaffected for Cardano, as the team is confident in their technology and future upgrade and updates.
Cardano Jumps to the Third Position
Cardano has undoubtedly been on the radar of investors, both retail and institutions, as the prices have been skyrocketing from the last week of July. A month passed, and the bulls do not seem to lose out of momentum as of yet.
The ATH high set on 16th May at $2.4 was successfully broken this month with the compelling power of the buyers. The uptrend did not take a pause at the ATH but continued to trade higher, setting another high at $2.96, over 20% higher than the previous highest point.
On the market cap front, Cardano has gone on to become the third most valuable cryptocurrency in the world, with a market cap of $84 billion. From a rally of over 100% in the last two weeks, ADA crypto took over the Binance coin (BNB). Currently, Cardano is around $4 billion more valued than BNB. Of course, BNB heading to its ATH could again shift the position, but it could remain the same if ADA continues in its present trajectory.
Upcoming Updates Drive ADA Price Higher
Technical factors do help us predict the market’s future direction, but the factors that drive the technicals are the fundamentals of cryptos. In essence, technicals are a lagging indicator of the leading fundamental factors.
The main driver of the current uptrend in ADA is presumed to be closely associated with the major tech updates dropping in Cardano very soon.
An update scheduled in the coming month is set to take Cardano into the roaring decentralized finance (DeFi) and smart contracts space. The update is indeed going to pose a major competition for the Ethereum network.
In the five major development stages (eras) of Cardano, including Byron, Shelley, Goguen, Basho, Voltaire, it is currently in the second era – Shelley. The update due next month is the third major update in this era, called ‘Alonzo Hard Fork.’ This update will revolutionize the existing system as it will bring smart contracts to the table, like the one in Ethereum. With the update, users can even use ADA to mint non-fungible tokens (NFTs), a space that has been booming lately.
Besides, the ADA crypto is going to be listed on the Japanese crypto exchanges that are known to have an austere requirement to list a cryptocurrency. Cardano’s ADA satisfying the requirements and approved for listing in Japanese crypto exchanges is certainly bullish for the community and the token itself.
ADA Uptrend Still Intact
The world’s third-biggest cryptocurrency has been in a mesmerizing bull run for over a month or so. Interestingly, the trend looks fresh and ready for subsequent pushes to the north on the technical front.
A strong uptrend is classified with a sequence of higher highs and higher lows, whose momentum is getting fiercer every step of the way. The ADA market is an example of the same. Unlike few other cryptos, the upside legs in Cardano are getting stronger as the market is proceeding higher. In fact, the price barely reacted to the downside from the recent ATH at $2.4 – indicating the strength of the bull.
The first push from the market started off slow as the market was on the verge of breaking above a critical resistance level. However, the second push breached all the significant barriers on the way up, keeping the momentum up and running. Finally, the third came after a decent retracement that took the price to new all-time highs. And the pushes getting longer than the previous clearly indicates the bulls are not done buying ADA yet.
In the subsequent trading sessions, the ADA could continue its sequence of higher highs until Bitcoin shows signs of the market taking a significant downturn, which is highly unlikely based on the current trend.
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