Cardano Records Massive Rally Amid Renewed Investor Euphoria

Azeez Mustapha
23 August 2021 | Updated: 23 August 2021

Investor euphoria is back in the market again, and this time it is driving Cardano (ADA) higher. While Bitcoin has reclaimed the $50k line after a 3% rally which has sparked excitement in the market, Cardano stole the shine with a 12% rise over the past 24 hours and trades at $2.8200.

The recent rally has placed ADA firmly in the number three spot in the top cryptocurrency rankings.

That said, investors have their eyes on the $3 mark, which could trigger a massive spike for ADA. On-chain analytics platform Santiment argues that a price increase above $3 is very likely amid the heightened investor euphoria in the market. The data provider noted that:

“Mentions of both the #Cardano hashtag and $ADA hashtag have absolutely exploded with the #crypto asset’s new #AllTimeHigh of $2.63. The crowd & its euphoric behavior at this level will have a major hand in whether prices continue toward $3.00 & beyond.”

This upbeat investor outlook comes amid the upcoming Alonzo hard fork scheduled for launch on September 12. The Alonzo hard fork would give the Cardano blockchain the highly-anticipated Smart Contract compatibility. This addition should exponentially increase the blockchain’s capacity in hosting DeFi projects, NFTs, and other similar projects.

Key Cardano Levels to Watch — August 23

Ever since it reclaimed a footing above the May ATH at $2.4705, the third-largest cryptocurrency has been in price discovery mode as it approaches the pivotal $3 mark. While trading conditions are nearing overheated territories, ADA has enough room to push above the $3 mark before warranting correction.

ADAUSD – 4-Hour Chart

Nonetheless, the $2.5000 axis remains the critical pivot level for ADA moving forward. A fall below that line could stall bullish efforts.

Meanwhile, our resistance levels are $3.0000, $3.2000, and $3.5000, and our support levels are $2.8000, $2.6500, and $2.5500.

Total Market Capitalization: $2.16 trillion

Cardano Market Capitalization: $90.5 billion

Cardano Dominance: 4.19%

Market Rank: #3

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.