- On Thursday, the ADA/USD is trading slightly bearish at $2.77, losing -2.15% so far.
- Glauber Contessoto, a 33-year-old dogecoin millionaire, said he planned to invest his money in Cardano.
- Forex trading participants may look for a buy trade above the $2.95 level to the targets of $3.10 and $3.28.
On Thursday, the ADA/USD is trading slightly bullish at $3.077, scoring +6.71% so far. The day before, ADA/USD extended its gains on Wednesday after the whole cryptocurrency market mood improved for the day. If you are wondering what to expect and where to buy ADA? Let’s find out below…
Smart Contracts Functionality Underpins Cardano Demand
After integrating smart contracts functionality into its network, Cardano has seen a massive rally in its token price. The same thing has also made the ADA token the 3rd largest cryptocurrency globally by market cap.
The upgrade has made Cardano the biggest competitor to Ethereum, the second-largest cryptocurrency in the world. Since the addition of smart contract functionality, not only has the price of ADA been rising. However, the adoption of the Cardano network has also increased. Investors are also shifting their investments into ADA/USD, given its potential.
Dogecoin Millionaire to Invest in Cardano
Glauber Contessoto, a 33-year-old dogecoin millionaire, said he planned to invest his money in Cardano. In February, the person invested all of his savings in the meme-based cryptocurrency Dogecoin, and after DOGE soared, Contessoto became a Dogecoin millionaire in April.
He explained that he had selected another cryptocurrency, for now, to invest all his money in. For that purpose, he chose Cardano. Moreover, he has no plans to sell his Dogecoin and will start buying as much Cardano as possible with every bit of money he will start making from now on.
He even posted an update on Twitter, mentioning the top five cryptocurrencies in the next five years. He ranked them as Dogecoin, Ethereum, Bitcoin, Cardano, and Ripple. Furthermore, he further explained that he could not enter into ETH earlier, so he chose ADA as the next best option.
Weaker Dollar Underpins ADA/USD
The rising prices of ADA/USD could also be attributed to the declining prices of the US dollar, as both are negatively correlated. The US Dollar Index, which measures the greenback’s value against a basket of six major currencies, fell to 92.5. The bearish bias came in response to the jobs report from the US that fell short of expectations in August.
US nonfarm payrolls data
The Bureau of Labor Statistics will be releasing the US nonfarm payrolls data tomorrow, and it’s expected to perform worse compared to the previous month.
Furthermore, it was already under pressure after investors’ hope to get any clue about the timeline of tapering by the Fed was crushed by Fed Chairman Jerome Powell at the Jackson Hole symposium last week.
Cardano Price Prediction – Technical Levels
Support Resistance
2.761326 2.939942
2.652661 3.009895
2.582709 3.118559
Pivot Point: 2.831278
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 2.831278. On the 2 hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) extends support at 2.950. Since the ADA/USD has crossed above this level, the chances of a bullish trend remain pretty solid.
On the 4 hour chart, the ADA/USD has already violated the triple top resistance level of $2.95 level. For now, this level is working as a support for the ADA/USD pair. On the bullish side, a continuation of an upward trend could drive a buying trend until the 3.28 level. A 3.618% extension level extends this 3.28 resistance.
The formation of a bullish engulfing pattern above the 2.95 level also supports a strong buying trend in Cardano. Alongside, the 50 EMA (exponential moving average – red line) is supporting the buying trend in the ADA/USD pair. 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 $3.10 could trigger profit-taking in the ADA/USD pair.
Therefore, forex trading participants may look for a buy trade above the $2.95 level to the target of $3.10 and $3.28. Alternatively, we may see selling trades below the $3.28 level. 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.
Looking to buy or trade crypto now? Invest at eToro!
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