Welcome back to our channel, UnderValued. Today we are here to talk about Cardano The
Number 3 Crypto! Will It Become Number 1? But before we get started, subscribe to our
channel, to never miss a Crypto update... So without any further delay lets get started
The price of Cardano (ADA), the native token of the eponymous blockchain project, has jumped
up to 13.2% in the past day to reach today's 12-week high of $ 2.03.
According to CoinGecko data, the asset was valued at 44.1% last week, making it the largest
acquirer of the market-leading cryptocurrencies.
Recent uptrends have pushed the market capitalization of tokens to $ 64.74 billion, or 3.23% of
the total value of all cryptocurrencies. As a result, ADA has overtaken Tether as the
third-largest cryptocurrency, surpassing Binance Coin (BNB).
ADA is currently trading at $ 2.03, with a 24-hour trading volume of over $ 6 billion.
However, this is still about 20% off the altcoin record high of $ 2.45 recorded on May 16.
Created by one of Ethereum's first co-founders, Charles Hoskinson, Cardano is a proof of stake
(PoS) blockchain platform that allows developers to build decentralized apps when smart contract
features are launched... Smart contracts are bits of code that automatically execute commands
Cardano is currently preparing for the Alonzo hard fork. This will deploy smart contract
functionality to the mainnet.
An upgrade announced by Hoskinson earlier this week will allow Cardano to leverage the
world of decentralized finance (DeFi) to leverage the power of smart contracts to lend, borrow
and trade without intervention.
DeFi wants to exchange bank code lines to provide users with lending, borrowing and
trading services without the need for an intermediary.
Cryptocurrencies on the network are included in the investment company Grayscale Digital
Large Cap Fund, with assets accounting for 4.26% of the fund, so some positive developments
have been made in recent weeks.
First, 50 DMA at $ 1.4333 fell below 100 at $ 1.4637. This shows that price momentum is
Second, Cardano is testing the long-term 200-day emotional resilience for $ 1.1322. We believe
this is an important level for ADA, especially given the 52% jump in prices from the previous
test on June 22nd.
In addition, below 200 DMA, a strong uptrend line from February will appear around the
psychological $ 1.0000 area. If the ADA loses support for the moving average, this trend
will be the Bulls' last line of defence.
The important thing is that if you can't keep the price above $ 1.000, the door to $ 0.6700
However, the Relative Strength Index is 34.22, suggesting that Cardano is close to being
oversold. We need to go back to September 2020 to find a lower RSI value than today.
This may provide a faint light of hope that the ADA may bring its sharp legs back down.
Given the current lack of enthusiasm surrounding the market, my money is in that reversal that
comes from prices much lower than here.
We will change this bearish view until the ADA exceeds the crowded 50 and 100 DMAs.
Cardano's recent full decentralization has made it more attractive and priced and will
be better positioned to take over rival Bitcoin and Ethereum in the booming cryptocurrency
market. Nigel Green predicts.
He predicts that last week.
Green said: "The price of Cardano has exploded in the last few months. It has risen about
600% since the beginning of the year and has recently become the third-largest cryptocurrency
by market capitalization after Bitcoin and Ethereum.
But now Cardano is fully decentralized and mature. In other words, the parent company
is taking control of the blockchain to the community. Of course, we can expect to attract
investors to keep prices on the rise."
He added: "This milestone helps Cardano occupy a better position to challenge its major rivals
in Cryptoberth. "Cardano has the potential to be a challenger to Ethereum because it
can be used as a currency as well as use its blockchain (technology to run) to build smart
contracts, protocols and decentralized applications. Cardano is also said to be able to be used
to build smart contracts, protocols and distributed applications. It will be significantly more
scalable than Ethereum. "
"It will also bring challenges to Almighty Bitcoin, which is one of the keys to successful
investment for those who have already invested in or plan to do so with digital assets. Because
we know that.
"Therefore, these investors want cryptocurrencies to diversify as well, which could eventually
eat up Bitcoin's market share."