- Cardano surged to its all-time high as it overtook the Binance coin and became the third most valuable crypto-coin globally.
- The market cap of Cardano reached $89.97 billion and surpassed the $80.73 billion market cap of Binance Coin
- Forex trading participants may look for a sell trade below the $2.87 level to the target of $2.610 and $2.490.
On Monday, the ADA/USD is trading sharply bullish at $2.83, adding +7.63% so far. The day before, ADA/USD closed at $2.706848 after placing a high of $2.718380 and a low of $2.433672. Cardano surged to its all-time high as it overtook the Binance coin and became the third most valuable crypto-coin globally. If you are wondering what to expect and where to buy ADA, let’s find out below…
Cardano Market Cap Surpasses Binance Coin
The market cap of Cardano reached $89.97 billion and surpassed the $80.73 billion market cap of Binance Coin. Consequently, it made the ADA token the third most valuable coin in the cryptocurrency market. Investor sentiment had a massive impact from the announcement of the upcoming Alzono upgrade.
According to the upgrade, smart-contract functionality will be added to the Cardano network, making ADA a potential competitor to the second-largest biggest cryptocurrency, Ethereum. Cardano has been through multiple phases of development, including Byron, a foundational phase, and Shelley, a decentralized phase.
The third phase or era, Goguen, will enable smart contracts on the network. It’s expected to go live in October. However, some experts suggest that it could be delayed.
Charles Hoskinson founded Cardano to compete with Ethereum directly.
The prices of ADA/USD are increasing daily in hopes that it will challenge the most popular smart contract platform, Ethereum. Ethereum co-founder Charles Hoskinson founded Cardano in 2017 to directly compete with Ethereum and other platforms for decentralized applications.
Cardano was developed to be a more scalable, secure, and efficient alternative to Ethereum. Moreover, investors were betting in favor of this, thinking that Cardano would challenge Ethereum in the upcoming future after the Alzono upgrade.
Cardano Price Prediction – Technical Levels
Support Resistance
2.520886 2.805594
2.334925 2.904341
2.236177 3.090303
Pivot Point: 2.619633
ADA/USD Completes 2.618% The Fibonacci Extension – Where to Buy ADA?
Cardano price prediction is strongly bullish above an intraday pivot point level of 2.619633. On the 2 hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) extends support at 2.600. Since the ADA/USD has crossed above this level, the chances of a bullish trend remain pretty solid.
On the 2 hour chart, the Fibonacci retracement tool is likely to provide resistance at the $2.87 level. This level marks the 2.618% Fibonacci extension level for ADA/USD. The breakout above this level could drive additional buying until the 3.618% extension level of $3.26.
The ADA/USD is facing immediate support at $2.60, and a bearish crossover at this level could extend the selling trend until the next support level of $2.4800. Since the ADA/USD price is closing above 50 EMA, the bullish bias remains potent.
Furthermore, the ADA/USD’s Stochastic RSI indicator has entered the overbought zone, suggesting bulls are exhausted. Thus, the failure to break and close above $2.87 could trigger profit-taking in the ADA/USD pair.
Therefore, forex trading participants may look for a sell trade below the $2.87 level to the target of $2.610 and $2.490. Alternatively, we may see a buying trend upon the $2.87 level breakout with a target of $3.27. All the best.
Where to Buy ADA?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
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