As Coinpedia previously reported, Cardano price successfully formed an ATH in the early hours of trading. The ADA price had fallen a little on the previous trading day, which put the rally in fog. But the cops got angry and raised the price in the direction of the new ATH with the introduction of the Cardano Smart Contracts on the horizon.
The asset rose nearly 20% when the Fresh Day trade began and hit the ATH at $ 2.55. However, like every time, some traders pulled their profit out to pull the price down, but the price is still well above $ 2.5. There is also a great tendency to hit $ 3 at any given time.
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It is believed that most assets tend to follow the Bitcoin price rally and move accordingly. If you compare the price movements of ADA and BTC, Cardano has swelled by more than ten times that of Bitcoin since the beginning of 2021. Hence, it might be legitimate to say that ADA only follows Bitcoin.
On the other hand, a popular analyst warns against entering ADA trading at the current level. Lark Davis warns his 450 million followers to invest wisely as his observation suggests a notable entrance.
This is how the market reacted to the live staking on #cardano.
1 month before price increase 87% in a week
Price moves sideways for 3 weeks
Introduction of smart contracts, “sell the news” leads to a 56% drop in prices.
This is not a FUD but an observation.
Invest wisely. pic.twitter.com/iGIpfgnUDg
– Lark Davis (@TheCryptoLark) August 20, 2021
According to the analysts, ADA price had pumped nearly 80% in a week when the Cardano ecosystem announced staking in July 2020. However, the price later maintained a sideways trend and eventually experienced a correction of 56%. Hence, the analyst may be referring to the upcoming Alonzo hard fork. Since the current surge appears similar to that of the 80% jump. And with accumulation for a couple of weeks, the price could drop sharply.
However, price movement in the crypto space is more speculative and uncertain. While many believe the Cardano price will hit $ 10, the opportunities for a significant dump cannot be negated. As such, the days ahead could be pretty crucial for ADA pricing.
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