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Cardano ($ADA) Regains $2.50, Can it Retest ATH Before Sunday Alonzo Upgrade?

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Cardano ($ADA), the third-largest cryptocurrency by market cap is currently recovering from the Tuesday bloodbath that led to a 35% price decline for $ADA from its ATH of $3.10. $ADA fell to a weekly low of $2.04 before starting its path to recovery. The altcoin is currently trading at $2.51 and looks to build momentum before the final Alonzo upgrade scheduled for upcoming Sunday.

Cardano
Source: TradingView

The smart contract integration to the Cardano mainnet this Sunday would open the gates for new Dapps and NFTs on the blockchain. This is being seen as one of the biggest upgrades for the Cardano network as it would help it compete against the likes of Ethereum (ETH), Solana ($SOL), and Polkadot ($DOT).

The Alonzo purple, the first public testnet saw smart contract integration on September 1st while the first Dapp on the blockchain was launched soon after. However, traders experienced a lot of issues and complexities with the first Dapp where many complained about issues in getting their transaction processed. Many Ethereum proponents trolled the Dapp for being able to process only one transaction per block, but IOHK later came out with a blog to clarify that the issue was nothing big and it would be sorted before the mainnet upgrade.

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Can Cardano Pull a Solana Post Upgrade?

Solana ($SOL) is now the sixth-largest altcoin by market cap after it took over XRP earlier today after posting another ATH of $210. The altcoin is on a dream run and has seen its price grow by 7X since August beginning. $SOL is currently in the price discovery mode and even Tuesday’s market crash didn’t impact its momentum even though it fell below $140.Similarly, Cardano has also managed to see a 2.5X growth since August and $ADA proponents believe Sunday’s smart contract upgrade would send it into price discovery mode. The $2.50 was the key support area that the altcoin has already conquered and would now look to retest its previous ATH.

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Cardano Price Analysis: ADA retests $1.60 resistance again, breakout to follow?

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  • Cardano price analysis is bullish today.
  • ADA/USD has spiked towards the $1.60 resistance again.
  • Higher high already set.

Cardano price analysis is bullish today as we have seen a break above the previous consolidation area. Likely ADA/USD will continue even higher, with the next major resistance seen at $1.75.

Cardano Price Analysis: ADA retests $1.60 resistance again, breakout to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a bearish momentum return over the last 24 hours. Bitcoin declined by 1.04 percent, while Ethereum by 2.85 percent. Meanwhile, Terra (LUNA) is the top performer, with a gain of voer 10 percent.

Cardano price movement in the last 24 hours: Cardano sets lower low, quickly moves back towards previous highs

ADA/USD traded in a range of $1.53 – $1.62, indicating substantial volatility over the last 24 hours. Trading volume has declined by 3.23 percent, totaling $1.74 billion, while the total market cap trades around $53.44 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA currently tests previous highs

On the 4-hour chart, we can see strong bullish momentum over the last 24 hours as previous highs are getting broken.

Cardano Price Analysis: ADA retests $1.60 resistance again, breakout to follow?
ADA/USD 4-hour chart. Source: TradingView

Cardano price has seen a strong increase over the last hours, counter to the overall trend seen over the past weeks. After setting a new major swing low at $1.415 last week, ADA/USD saw quick rejection higher to the $1.60 mark.

From there, the market started to consolidate sideways for several days. After several rejections of further upside, ADA saw a clear lower low set overnight around $1.52. The market quickly reversed from there, leading to a spike above the previously formed consolidation today.

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Since the Cardano price action has set a strong higher high over the past hours, we could be seeing a major trend reversal beginning. The next resistance is located at $1.75 and, if reached, would indicate the return of strong bullish momentum.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish as we have seen a strong spike above the previous highs over the last hours. Therefore, we expect ADA/USD to continue even higher later today, with the next major target at $1.75.

While waiting for Cardano to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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What Happened To ADA Price? Is Nothing Been Built On Cardano?

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The crypto space is preparing to leap long after the recent sell-offs and if following a steady approach to pull the next leg up. However, one such crypto which appears to be pretty happy and contented at its current levels is Cardano. The ADA price after a steep downfall has yet again initiated with consolidation within a narrow trend. 

Today, Ethereum price surged with a notable margin and many altcoins also followed the second largest crypto. Terra(LUNA), Solana(SOL), Avalanche(AVAX), etc have been raised, but Cardno still remained within the same levels. The  Cardano remained distinct without following the ETH price. And also showcases the asset behaving similar to that of a stable coin.

adaprice
Source: Tradingview

Amid the fresh plunge, it was believed the asset may revist the strong support levels at $1. However, the asset managed to pause the downtrend for some time and began with a healthy accumulation. The ADA price in order to register its name in the upcoming altseason needs to coil up notably and pierce through the $1.98 levels. 

On the other hand, the traders may also have remained much distinct from the platform. As no notable change with the ADA price may rise the possibilities of no major developments happening on the platform. And hence Cardano price has to flip the consolidation and thrive through the local resistance at $1.8 to march towards its highs. However, the huge target still remains pretty much distant.

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Cardano-Based DEX Announces Date of Testnet Launch

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A major Cardano-based decentralized finance protocol is about to launch its testnet

Cardano-based decentralized exchange SundaeSwap has announced that its testnet launch is going to take place on Dec. 5. 

Thousands of users will be able to try out one of the most notable projects on the Cardano network.  

The purpose of the testnet is to discover some bugs and inefficiencies ahead of the upcoming mainnet launch.

It will also help the Input Output team to adjust the performance metrics of the network so that it can work smoothly under heavy load:

Our testnet is the perfect opportunity to put the new parameters under load so they can assess performance and further raise these limits. 

Implementing such incremental changes will be crucial for making Cardano scalable enough for the decentralized finance sector.  

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In late September, SundaeSwap forged a partnership with Nervos, China’s top public blockchain. 

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