Cardano (ADA) Making Its Way Towards $3: $10 in Sight?

Cardano (ADA) is on the rise again beyond the $2.80 mark and looks set to capture new highs powered by investor optimism towards the third largest cryptocurrency by market cap. At the time of writing, ADA/USD is trading around $2.82.

Cardano rose to the top three cryptocurrencies a few sessions ago as markets eagerly look forward to the upcoming Alonzo upgrade which will enable the blockchain to take on the king of DeFi, Ethereum, after getting smart contract capabilities. The uptrend picked up further pace on the back of an upbeat mood towards cryptocurrencies in general, which helped ADA rise higher even as the market leader Bitcoin breached the $50,000 mark.

The digital currency breached its ATH mark last week and is climbing higher, with some analysts expecting it to overtake the $3 level soon. On the fundamental front, news about the Input Output Group – the firm behind the development of Cardano, hinting about the network’s very own stablecoin Djed further fueled interest in the coin and supported its upward climb.

According to a crypto trader and influencer ‘Thinking Crypto’, Cardano’s bull run could see it head towards the $10 level soon. The analyst sounds extremely upbeat about ADA’s prospects, but that’s not al – in other tweets, he sounds bullish about the wider crypto sector as well, although he has cautioned that there might be a correction in the market sometime soon.

Key Levels to Watch

On the H4 price chart of ADA/USD, the moving averages as well as technical indicators MACD and momentum are exhibiting a strong bullish bias. Although, the RSI is signaling some selling interest as well.

Cardano’s price is holding comfortably above the pivot point at $2.43 and it looks like buyers are gearing up to test the immediate resistance at $2.99. A break past this can catapult ADA’s price above the $3.00 mark as long as the uptrend continues strong.

ABOUT THE AUTHOR See More

Aiswarya Gopan

Financial Writer & Editor - Asia & Europe Desk

Aiswarya Gopan is a former cybersecurity analyst, tech journalist and market researcher, who joins FX Leaders with over three years of experience in the blockchain industry. Aiswarya's areas of focus include market news out of the Asian and European markets as well as news coverage on cryptocurrencies.

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