Cardano price is the highest earner among the top 10 cryptocurrencies, gaining around 14% in the last 24 hours. This further solidifies the altcoin’s third position in the CoinMarketCap ranking. At press time, ADA is changing hands at $2.56.

ADA/USD 4 hourdollarsec chart | Source: TragView

Michael van de Poppe: Cardano price could be ready for $5

Cardano price is up over 13% and according to some analysts, it could be ready for $5. With the Cardano Alonzo hard fork about to go live, the most anticipated event of the year is about to take place. The arrival of smart contracts on the Cardano network will be the first step of great competition in the market. Given its capabilities, this upgrade could send shockwaves into the crypto space if it lives up to expectations.

Source: Michael van de Poppe/Twitter

0% of both Bitcoin and Ethereum. As for why ADA performed so well on a day when it dropped 33, it’s easy to understand. Because there are still many investors who believe that September 12 will trigger the hard fork rally. Alonzo will go live on the Cardano mainnet. This is one of the things traders do often with FOMO, and this mindset can push the price up. And such a showdown shows that ADA’s best days are still ahead, according to analystsdollarseries. Michael van de Poppe, a well-known crypto analyst, thinks that the ADA price could reach $5. Michael van de Poppe said:

Big splash in Cardano. It might be ready for $5.

What could happen if prices rise with the release of Alonzo?

Investors and developers are excited about the upcoming Alonzo hard fork. However, during the smart contract testnet, users observed some key concurrency issues that cast doubt in their hearts. Despite this, the price drop on September 7 frightened investors as liquidations hit a four-month high and Open Interest fell to a monthly low. But for now, investors have bounced back ahead of Alonzo’s forecast. Purchase orders exceeded expectations, with orders sold for ADA 12 million ($29 million).

Cardano purchase orders dominate the market | Source: TragView

If prices rise with the launch of Alonzo, the already profitable 82% of addresses could certainly see an increase in numbers and profits, according to analisdollarser. However, to do so, Cardano must maintain its strong correlation with Bitcoin as it currently stands (0.83). At the same time, according to analisdollarser, ADA should keep its volatility as low as possible, below current levels of 109%.

Like it? Share with your friends!

Michael Lewis


Your email address will not be published. Required fields are marked *