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Cardano (ADA) Getting Ready For A $3 Retest?

Best Owie
Best Owie
1 year ago
3 mins read
Picture of a Cardano coin in the center of interconnected dots across the world

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At this point, there is not a crypto investor that has not heard of Cardano. The network is famed for being the number 1 competitor to Ethereum, seeing that one of its co-founders had created Cardano after exiting the project. Its growth has been tremendous in the past month alone. Giving returns of over 100% in the space of a single month alone.

Related Reading | Crypto Analyst Lays Out Cardano’s (ADA) Pathway To $4

Cardano’s native token ADA has already broken its previous all-time highs, while most of the market is still trying to get back up to its high points in April/May. This has provided the project much-needed notoriety as the race towards smart contracts capability continues. If all goes as planned, the Alonzo Purple Hard Fork will launch on September 12th, bringing DeFi and NFTs to the ecosystem.

Cardano (ADA) Running Towards $3

Crypto analyst Benjamin Cowen also puts the price at $3 if the Bitcoin can stay above the 20-week SMA (simple moving average). Citing the price of Bitcoin as an important driver for the asset. BTC has maintained trading over its 100-day moving average, putting above the 20-week SMA. If Cowen is right, then ADA is set for another bull rally.

Cardano (ADA) price chart from TradingView.com

ADA price sets sights on $3 | Source: ADAUSD on TradingView.com

ADA has also maintained trade levels above the 100-day simple moving average. The average transaction volume currently sits at $121 million. With the market cap at $89 billion at a coin trading price of $2.82. The strength of the asset has also grown, currently 13% higher than its 100-day average.

Related Reading | Cardano: Alonzo Enters Final Stage, Smart Contracts On The Horizon

As more investors take an interest in Cardano and its returns, the number of holders will go up. Coupled with the fact that ADA has the highest amount of coins staked, at over 70% of its current market supply, ADA looks set to test $3 again. And with a significant uptick in momentum, the asset is more likely to break the $3 resistance point the second time around.

Growing Value

More prominent of these have been Cardano’s incredible price run which saw the asset clench the number 3 spot for top crypto coins by market cap. Beating out Binance’s native token BNB to take its spot. ADA had earlier tested the $3 price level but was knocked down at this resistance point. ADA’s value is expected to skyrocket in the following weeks leading to the hard fork.

Related Reading | Cardano (ADA) Founder Responds To Criticism Over New Crypto Partnership

DeFi and NFTs coming to Cardano will also grow the value of the asset. As more investors move away from Ethereum due to growing fees, Cardano is the next natural competitor to take these users. Although the blockchain does not offer the lowest fees available, it is significantly lower than EThereum. While Ethereum’s TPS (transactions per second) currently sits a 30, Cardano offers 257 TPS.

Featured image from Currency.com, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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