Already last week it looked like Cardano was preparing for a price increase to USD 3. However, this did not really work out. However, now it looks like Cardano is preparing for it again. In the last ADA News, we also reported that just in one month, Cardano was able to make a return of over 100%.
Cardano on the rise
Cardano has been on the upswing again for a few weeks now, breaking through its previous all-time high. Despite the excellent return of over 100% in just four weeks, Cardano was unable to reach the $3 mark. Thus, we were unable to report any new ADA news from this long-awaited exchange.
While many digital currencies are still struggling to reach the April/May highs, Cardano has made a huge jump. Of course, this has also ensured that ADA has become more well-known and more investors have been betting on the native token as well. In addition, of course, the race for smart contract capabilities continues. If all goes according to plan, Alonzo Purple Hardrock will launch on September 12, bringing DeFi and NTFs into the ecosystem.
The path is paved – but ADA is still faltering on its way to $3
More and more voices are being raised that Cardano will soon jump to 3 USD. Crypto analyst Benjamin Cowen is also convinced that there will soon be new ADA news and the price will rise to 3 USD. However, only if BTC stays above the 20-week SMA. Bitcoin price in particular is a key driver for Cardano. Therefore, how BTC behaves is of great importance. However, if Cowen turns out to be right, it should head north in the coming days and investors should look for another bull rally.
ADA holds the 100-day simple moving average
Further, it should be noted that ADA has held trading levels above the 100-day simple moving average. In doing so, the average transaction volume right now is $121 million. The market cap is $89 billion with a trading price of $2.82 per coin. However, the strength of the asset has also grown significantly and is about 13% above the 100-day average.
Naturally, the high returns over the past four weeks have made a lot more investors interested in Cardano. ADA news was everywhere and investors took notice. Gleichzeitig, Cardano has the highest amount of coins in use with over 70% of the current market supply. Thus, it looks like ADA is looking to test the $3 level once again. Also, with momentum building, it looks more likely that Cardano will break through this resistance of 3 UDS.
ADA News: Cardano’s value is growing
Cardano’s insane price run has been tremendous. After all, ADA is the 3rd ranked asset among the top crypto coins if you go by market cap. Earlier, Cardano had tried to test the resistance at USD 3, but failed to break through it and got knocked down. In the following weeks, the price seems to want to skyrocket. This is of course due to Hardrock, which is due to hit the market in 2 weeks.
DeFi and NFTs coming to Cardano will also help to increase the value of the asset significantly. Especially as more and more investors are moving away from Ethereum due to rising fees. Cardano is now the next natural competitor to not only pick up these users, but also take them away. While ADA doesn’t exactly have the lowest fees, they are significantly lower than Ethereum. If you look at the transaction per second, you can quickly see why it is also driving more and more investors away from Ethereum. Ethereum’s TPS currently stands at 30, with Cardano scoring 257 TPS here.
So let’s hope we can report ADA news soon because Cardano has cracked the $3 USD mark and just stood up to resistance.
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