The cryptocurrency Cardano (ADA) is number 5 in terms of market capitalization and is currently unstoppable. The price has literally exploded in the last 48 hours. Investors’ imaginations are fueled by a special announcement. THE SHAREHOLDER gives the details.
The course at ADA has been a wild up and down over the past few months. In mid-May, the cryptocurrency hit a new all-time high at $ 2.46. Subsequently, the price collapsed sharply and dropped by 60 percent. The correction went to an area of support that had built up around the psychologically important $ 1 mark.
As DER SHAREHOLDER reported in mid-July, the probability of a rebound at this level was high. The GD200 at $ 1.12 was undercut for two days, then the turbo ignited and the price of an ADA coin rose by almost 80 percent in three weeks.
ADA daily chart in USD
The last 48 hours stand out in particular, as the price increased by 27 percent during this time alone. The background to the rally is an announcement that an extensive update is to be implemented in the Cardano network in the course of September. The first test runs for the so-called smart contracts went according to plan, tweeted Cardano founder Charles Hoskinson.
The combination of positive sentiment in the crypto market and the announcement caused the share price to explode. The next few days will show how sustainable the current movement is. After such a strong price increase, however, profit-taking can occur at any time. Newcomers better wait for the setback so as not to be caught off guard. The long-term outlook remains promising.
Notice of conflict of interest:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that will benefit from any price development resulting from the publication: Cardano.