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Do I need to buy Cardano right now?

Cardano price has made a spectacular recovery in the past two weeks as investors wait for the upcoming Ethereum Merge. It has risen from $0.0 in August to a high of $0. 4248 to a high of $0. 5244, giving it a market cap of over $17 billion. Why is ADA recovery? Cardano is an…


Cardano price has made a spectacular recovery in the past two weeks as investors wait for the upcoming Ethereum Merge. It has risen from $0.0 in August to a high of $0. 4248 to a high of $0. 5244, giving it a market cap of over $17 billion.

Why is ADA recovery?

Cardano is an Ethereum-killer that aims to be the leading platform for building apps in decentralized finance (DeFi), non-fungible tokens (NFT), and the metaverse. Developers started building on its platform in 2021 following the Alonzo hard fork.

In the last few months, Cardano’s number of developers has increased. According to its website, there are now over 1,000 developers building apps in all sectors. It appears, however, that the network has not been a huge success.

For example, its DeFi ecosystem now has a total value locked (TVL) of about $192 million, making it smaller than other newer blockchains like Cronos and Avalanche. MinSwap, which has a TVL of $48.8 million, has a market dominance of 53%.

The next major catalyst for Cardano’s price will be the Vasil hard fork, which will take place in September. This fork will significantly speed up the platform and make it more accessible to developers. It is possible that the ADA price will continue to rise towards this difficult fork.

Meanwhile, like all cryptocurrencies, ADA price will also react to the upcoming Ethereum Merge. Merge is a transition in which the network will move from a proof of work (PoW), to a proof of stake (PoS). The price of cryptocurrency has always moved in tandem.

Another key catalyst that will affect the price of Cardano will be the actions of the Federal Reserve. Inflation is falling, so it is possible that the Fed will slow down its aggressive rate-hiking in the next few months.

Where to buy Cardano

Cardano price prediction

The four-hour chart shows Cardano’s bullish trend over the past few weeks. It has crossed the critical resistance level of $0. 4823, which was the highest point on 26th August. It was also the highest point of the ascending triangular pattern.

Meanwhile, ADA price has also moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral point. The double-top pattern is usually considered a bearish sign. It was also invalidated.

Therefore, there is a likelihood that Cardano will continue rising in the near term as buyers target the key resistance at $0. 5947, which is about 17% above the current level. Cardano is likely to continue rising ahead of Vasil hard fork and merge.


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