Gains across the broader crypto market have been recorded in the past day, and many altcoins have made massive gains and created new highs. Cardano is among the best gainers in the market. The recent market rebound and the Alonzo hard fork’s news has played a great role in the recent ADA upswing.
Cardano is trading at $3.03 at the time of writing after an 8.6% gain in 24 hours.
Cardano Price Analysis
Cardano is among the leading gainers in the crypto charts. Over the past month, ADA has been pushing towards getting past $3, and this has been achieved with the rebound of the past 24 hours.
Cardano’s gains are also largely attributed to buyer support; hence we could see the coin breaking past major resistance levels. During the past 24 hours, ADA managed to go to higher levels of $3.09 before being rejected shortly after. We could see the coin attempt such a bull run again.
ADA needs to break past $3.10 for it to establish a stronghold above $3. Buyers will play a major role in achieving such levels because traders are still accumulating ADA coins.
On the flipside, ADA could fail to hold the support above $3, and retreat to $2.98 before gearing up for another bull rally. A dip at this point will be attributed to a lack of market support or selling pressure.
The recent rally in ADA prices past $3 is mainly attributed to the Alonzo hard fork upgrade. A recent announcement by the firm started that the Cardano testnet was now supportive of smart contracts, which is a major achievement for the platform. Final testing and integrations were also in the works.
Charles Hoskinson continues to win bets against critics who doubted ADA’s journey in the past month. Hoskinson has again won a bet against Poly Network, which had stated that ADA would not reach $3 in 2021. Hoskinson, who has always been confident of developments on Cardano, has been timely in ensuring each development happens on time.
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