Cardano price achieved highest percentage gainer among top 10 crypto assets, might be ready for $5
Cardano price is the highest percentage gainer among the top 10 cryptocurrencies, with a gain of nearly 14% over the last 24 hour period, which only further cements its third spot in the CoinMarketCap rankings. At press time, ADA is changing hands at $2.57.
ADA/USD 4-hour chart | Source: TradingView
Cardano price surges over 13%, it might be ready for $5
The most awaited event of the year is about to take place as the Cardano Alonzo hard fork is close to being activated. The arrival of smart contracts on the Cardano network will be the first step in a vast overturn in the market. Given its capabilities, if it delivers as per expectations, it will send shockwaves across the crypto space.
As for why ADA is doing so well in a day when both Bitcoin and Ethereum are down 0.33%, we can understand that because there are still many investors who believe that September 12th will trigger the hard fork. Alonzo on the Cardano mainnet. This is one of the things that investors often do FOMO, and this mentality will push the price up. And such a show of strength shows that ADA’s best days are still ahead.
A prominent crypto analyst, Michaël van de Poppe thought that the ADA price could reach $5.
“Massive bounce on Cardano. Might be ready for $5”, Poppe stated.
Source: Michaël van de Poppe/Twitter
With the Alonzo Hard fork taking place on September 7, investors and developers are excited. However, during the smart contract testnet, users observed some major concurrency issues that raised skepticism in their hearts.
Even so, the price crash on September 7th spooked investors as Liquidations hit a four-month high and Open Interest fell to a monthly low. But for now, they seem to have bounced back ahead of Alonzo’s prediction. Buying orders were exceeding expectations and sold orders by 12 million ADA ($29 million). This is even though prices were down, close to May levels.
Cardano’s buying orders dominating the market | Source: TradingView
If prices go up with Alonzo’s release, the already profitable 82% addresses could see a rise in figures and profits, of course. However, to do that, Cardano must maintain its strong correlation with Bitcoin as it is at present (0.83). At the same time, ADA should also keep its volatility as low as possible, under the present levels of 109%.
Read more:
- Cardano Price Spiked More Than 17% On The Cusp Of The Much-Anticipated Alonzo Hard Fork
- Charles Hoskinson Described Recent Accusations On Twitter About Cardano As “Noise And FUD”