Cardano’s ADA token kicked off trading early Tuesday morning by outpacing both Bitcoin and Ethereum, gaining 13% and rising up to hit a valuation of $2.30. Both Bitcoin and Ethereum are in a new price discovery phase and have been hovering around their respective all-time highs. Cardano’s recent movements have lit a new fire for altcoin enthusiasts who hope that ADA will join in on the current crypto bull run.
Cardano experienced a mini bull run of its own in September when its platform went through the Alonzo upgrade to add smart contracts, decentralized apps (dApps), and various other applications to the Cardano platform but has largely remained on the sidelines of the recent widespread crypto gains. Cardano’s spike up today could very well be an early sign of more gains to come. The majority of the dApps built around Cardano’s latest upgrade have remained offline but should become available to developers in the near future, generating more gains.
Cardano has a critical support level found at $1.87 which it will have to stay above to keep the bears at bay. Recent buying activity has pushed Cardano above the 20-day exponential moving average and the relative strength index has also turned positive, both signs that the bears are losing ground to the bulls. For Cardano to have a sustained rally, look for the price to breakout past the resistance level of $2.47 where the bears should mount stiff resistance.
Cardano began 2021 at just under .18 cents and set its all-time high in early September at just over $3.00. With the benefits of the Alonzo upgrade yet to be felt and the massive gains in the crypto sector throughout October and into November, Cardano could be on the verge of a prolonged move upwards.
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