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Cardano Long

by SignalFactory   ·  August 24, 2021 | 10:50:43 UTC  

Cardano Long

by SignalFactory   ·  August 24, 2021 | 10:50:43 UTC  

Cardano’s (CRYPTO: ADA) Ada token shows strong momentum and makes impressive gains in today’s trading. According to data from S&P Global Market Intelligence.

Cardano’s Ada token has emerged as one of the year’s best-performing crypto assets, and the rally for the broader market combined with upcoming listings on new exchanges and new feature rollouts appear to be driving the gains.

So what?
Some analysts and cryptocurrency enthusiasts had feared that the United States’ big new infrastructure bill would include new regulations that made it more difficult or less profitable to trade cryptocurrencies, but it doesn’t look like that will come to pass. With that potential risk factor seemingly out of the way, cryptocurrencies have been making big gains lately.

In addition to general bullish sentiment in the cryptocurrency space, Cardano is also enjoying positive momentum ahead of Ada’s listing on Japanese cryptocurrency exchanges, which is set to take place on Aug. 25. It means Cardano’s ADA will join the elite coins of Bitcoin, Ethereum, and Litecoin in Japan where it will be put to the test.

Cardano also appears to be generating excitement ahead of a pending update that will roll out in September and pave the way for smart contracts on the Cardano blockchain.

Cardano’s price surge came after it announced Alonzo’s major upgrade, which will launch in September. Alonzo will introduce smart contracts to the blockchain. Smart contracts are programs stored on a blockchain that run when predetermined conditions are met. They are typically used to automate the execution of an agreement and will allow Cardano to deploy their own smart contracts and pave the way for its own decentralized applications (dApps).

Now what?
Cardano now has a market capitalization of roughly $94 billion. Its Ada token is now up roughly 1,420% year to date, and the gains have propelled it to the third-largest cryptocurrency by market capitalization.

Predicting pricing action for Cardano and the broader cryptocurrency market involves a heavy amount of speculation, but there are some potentially major catalysts for Ada on the horizon. In particular, the upcoming upgrade fork that will pave the way for smart contract functionality and other decentralized-finance features is definitely an event to keep an eye on.

Cardano Long (Buy)
Enter at: 2.9970
T.P_1: 3.1895
T.P_2: 3.4407
T.P_3: 3.8400
S.L: 2.4779

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