Cardano (ADA) is enjoying quite the uptrend, crossing the key $3 mark, and is one of the contributors towards the bullish sentiment towards the overall cryptocurrency market lately. At the time of writing, ADA/USD is trading at around $3.03.

The mood is buoyant ahead of its upcoming major network upgrade Alonzo which will bring smart contract capabilities to the blockchain while its adoption is on the rise among different kinds of projects as well. dHealth Network, an open source blockchain network supported by leading pharmaceutical company Roche, is set to launch its IDO on the OccamRazer launchpad on the Cardano ecosystem. This development will allow dHealth’s solution utilize Cardano’s blockchain to increase its network of supernodes which are used as access points and network verifiers, bringing decentralization into the healthcare industry and making data management far more efficient.

In addition, the ADA token is also enjoying bullish momentum over news that Vast Bank – a bank based in Oklahoma, is planning to allow its customers to access cryptocurrency services through ‘Crypto Banking’, allowing them to use their bank accounts to buy, sell and hold leading cryptocurrencies. Cardano is one of the cryptos this service will give customers access to, in addition to Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Algorand.

Meanwhile, blockchain analytics firm Santiment has forecast more bullish activity coming up in Cardano, based on analysis of social media activity. According to the firm, “Social dominance is a great leading indicator for ADA, and the percentage of discussions is at a modest 8% compared to a peak of 25% last week. It can run higher until the crowd euphoria returns.” Its forecast suggest that another price surge could be building up, which could take ADA’s price higher soon.

Key Levels to Watch

Technical analysis of the H4 price chart of ADA/USD reveals a strong bullish bias among moving averages and leading technical indicators MACD and momentum. However, the Stochastics RSI is flashing sell at the moment as well.

Cardano’s price is holding quite far from the pivot point at $2.76 and seems to be getting ready to test the first resistance at $3.05. A break past this can take it even higher towards $3.26, where buyers could encounter the next resistance.