Cardano has been one of the most bullish cryptocurrencies since the bearish period in the crypto market ended in late July. This digital coin was making lower lows during that period, falling to just above $1, where it formed a solid support area and bounced off that zone.

The climb in the first three weeks wasn’t particularly strong, but the bullish momentum has picked up incredible pace since August 10. It turned out to be one of the most bullish cryptocurrencies during August, if we leave out Solana (SOL/USD) and Axie Infinity (AXS/USD) which have absolutely exploded higher as my colleagues have also highlighted today.

ADA/USD Live Chart

ADA/USD was finding some resistance at the previous high around $2.50 earlier this month, but eventually pushed above it and reached $2.96, which is the new all-time high for Cardano. Cardano has already launched its Alonzo Purple upgrade, and the upcoming Alonzo hard fork will bring smart contracts for Cardano in September. These developments have been helping the sentiment for this cryptocurrency.

Cardano is also introducing the Cardaswap DEX, which will be an automated market maker on the Cardano Network. The new protocol allows ADA holders to provide liquidity and Cardano Blockchain Assets in the Liquidity pool for other users to exchange their native tokens. Besides that, mining  Cardano is a lot greener than mining Ethereum or Bitcoin, which makes it even more attractive.

Cardano Analysis – ADA/USD H4 Chart

The 50 SMA keeps pushing ADA/USD higher on H4 chart

So, the sentiment has been bullish for Cardano, as shown in the daily chart at the top. The previous high at around $1.50 has already turned into support for ADA/USD, which should be a good place to buy on a retrace down there. Although, looking at the H4 chart above, we can see that chances are slim that the Cardano price will fall down there.

The 50 SMA (yellow) has been holding as support for two weeks, and now the price is reversing higher from the 50 SMA again, so this moving average keeps pushing Cardano higher, and the bullish trend continues. We might actually open a buy signal here, since the pullback down is complete on the H4 chart, making the future look quite bright for this crypto.