Cardano (ADA) is back on the rise above the $ 2.80 mark and is expected to hit new highs driven by investor optimism about the third largest cryptocurrency by market cap. At the time of writing, ADA / USD trades at $ 2.82.
Cardano rose to the top three cryptocurrencies a few sessions ago as the markets eagerly await the upcoming Alonzo upgrade that will allow the blockchain to take on the king of DeFi, Ethereum, after having smart contract capabilities had received. The uptrend continued to pick up due to positive sentiment towards cryptocurrencies in general, which caused ADA to climb higher despite the fact that market leader Bitcoin broke the $ 50,000 mark.
The digital currency broke its ATH mark last week and is still rising, with some analysts expecting it to break the $ 3 mark soon. On the fundamental front, news about the Input Output Group – the company behind the development of Cardano, which hinted at the network’s own stablecoin Djed – further fueled interest in the coin and helped its uptrend.
According to a crypto trader and influencer “Thinking Crypto”, Cardano’s bull run could soon be heading for the $ 10 level. The analyst sounds extremely optimistic about ADA’s outlook, but that’s not all – in other tweets he also sounds optimistic about the broader crypto sector, despite warning that there will be a correction in the market at some point soon could.
Important levels to watch
On the H4 price chart of ADA / USD, the moving averages as well as the technical indicators MACD and Momentum show a strong bullish tendency. However, the RSI also signals a certain interest in selling.
ADA / USD
Cardano’s price is holding comfortably above the pivot point at $ 2.43 and it looks like buyers are preparing to test the immediate resistance at $ 2.99. A break above this can catapult ADA’s price above the $ 3.00 mark as long as the uptrend continues strong.