After amassing significant gains over the past week, it seems like the crypto market is consolidating. Bitcoin is struggling to go to $46K, while Ethereum is still clinching to $3100. Whilst these two leading cryptocurrencies have not registered significant gains in the past 24 hours, some altcoins such as Cardano have made double-digit gains.
Cardano is trading at $1.75 at the time of writing after a 20.1% gain in 24 hours.
Cardano Price Analysis
ADA is one of the best performing altcoins in the past 24 hours. It has created a new two-month high by going above the $1.70 levels established in June. The coin’s current upswing is expected to progress even further during the day, as the next resistance sits at $1.82. If buyer support is strong enough, we could see ADA breaking past $2 before the end of the week.
The market support is still playing a pivotal role in supporting ADA’s upswing. However, a price correction could happen considering the massive upswing by ADA. In this case, the coin could retreat to $1.50 before making another bull run.
The recent ADA upswing is mainly from buyer support attributed to market anticipation of the date announcement for the Alonzo hard fork. Cardano’s founder, Charles Hoskinson, is expected to make the announcement this week, in which case we will see a strong bull run for the coin. Alonzo hard fork will enable smart contracts to be released on the Cardano mainnet.
The Alonzo hard fork is in its final development phase, and developments are now making final touches. Hence, we could see the rollout happen sooner than later, which is bound to have a positive impact on ADA’s prices in the short term.
Hoskinson has also joined crypto enthusiasts fighting the US infrastructure bill that will impose heavy taxes on cryptocurrency transactions and allow the Internal Revenue Service (IRS) to access records of gains and losses from crypto trading. Hoskinson tweeted that it was time to hold a rally in Washington DC to prevent the bill from passing.
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