Cardano has been one of the best gainers in the cryptocurrency market. Cardano has managed to gain almost 100% in the past two weeks, making it the best performing altcoin. The altcoin is ranking third with a market capitalization of over $90 billion. Besides, it is still making new all-time highs as it continues accumulating more gains.
Cardano is trading at $2.84 at the time of writing after an 8.6% gain in 24 hours.
Cardano Price Analysis
Cardano’s bulls have been the most significant in the past few weeks. In the past 24 hours, ADA managed to create an all-time high of $2.84. It is currently trading at this level, and with market support being strong, we expect new highs to be created.
If the bulls continue, ADA will create a new all-time high at $2.86. If it manages to break past the major resistance of $2.90, buyers will give ADA the much-needed support to break past $3. Trading volumes remain high, given that most market signals show that ADA is a good buy; hence, the uptrend shows signs of continuation.
On the other hand, ADA could easily reach overbought levels, given the massive uptrend in recent weeks. If ADA slumps, it will retest the lower support of $2.60. However, the overall bullish sentiment in the broader market could make traders jump in to leverage the dip.
Cardano’s founder, Charles Hoskinson, has made major appearances to talk about the Cardano network in the past few weeks. Recently, Hoskinson took to Twitter to address concerns surrounding the high ADA supply. He urged developers to develop a mechanism that would support ADA burning by anyone who wanted to do so.
Hoskinson also had an ask-me-anything online session where he revealed that the major problem being faced by Cardano was network effects. He stated that his ream was focused on a rigorous peer review process instead of developing market-focused products. This allows the team to make strategic and careful steps to avoid mistakes, given the complex nature of underlying protocols.
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