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Is Cardano Ready For $ 3 Now?

 


Already last week it looked like Cardano was preparing for a price increase to USD 3. However, this didn't really work. But now it looks like Cardano is preparing for it again. In the last ADA News we also reported that Cardano was only able to achieve a return of over 100% within a month.

Cardano on the rise

Cardano has been on the up again for a few weeks and has broken its all-time high. Despite the excellent return of over 100% in just four weeks, Cardano failed to hit the $ 3 mark. So we couldn't report any new ADA news about this long-awaited course.

While many digital currencies are still struggling to hit the April / May highs, Cardano has taken a giant leap. Of course, this also ensured that ADA became better known and more and more investors were relying on the native token. In addition, of course, the race for the skills to create intelligent contracts continues. If everything goes according to plan, Alonzo Purple Hardrock will hit the market on September 12th, bringing DeFi and NTFs into the ecosystem.

The way is paved - but ADA is still stalling on the way towards 3 USD

More and more voices are being raised that Cardano will soon jump to $ 3. The crypto analyst Benjamin Cowen is also convinced that there will be new ADA news soon and the price will rise to 3 USD. But only if BTC stays above the 20-week SMA. The Bitcoin price in particular is an important driver for Cardano. That is why it is of great importance how BTC behaves. However, should it happen that Cowen was right, things would have to go north in the next few days and investors should be prepared for another bull rally.

ADA holds the 100-day simple moving average

It should also be noted that ADA has kept trading levels above the simple 100-day moving average. The average transaction volume is currently USD 121 million. Market capitalization is $ 89 billion with a trading price of $ 2.82 per coin. But the strength of the asset has also grown significantly and is around 13% above the 100-day average.

Due to the high returns in the last four weeks, of course, significantly more investors have shown an interest in Cardano. The ADA News was everywhere and investors became aware of it. At the same time, Cardano has the highest amount of coins used with over 70% of the current market supply. So it looks like ADA wants to test the $ 3 mark again. With the increasing momentum, it is also more likely that Cardano will break this resistance of 3 UDS.

ADA News: Cardano's value is growing

Cardano's insane prize run was enormous. After all, ADA ranks 3rd among the top crypto coins asset if one goes by market capitalization. Previously, Cardano had tried to test the resistance at $ 3 but failed to break it and was knocked down. In the following weeks, the price seems to want to skyrocket. This is of course also due to the hard rock, which should be on the market in 2 weeks.

DeFi and NFTs coming to Cardano will also help increase the value of the asset significantly. Especially because more and more investors are moving away from Ethereum, which is due to the rising fees. Cardano is now the closest natural competitor, not only picking up these users, but taking them along too. While ADA may not 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 out of Ethereum. The Ethereum TPS is currently 30. Cardano can score here with 257 TPS.

So let's hope we'll be able to cover ADA News soon because Cardano cracked the $ 3 mark and simply stood up to the resistance.

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