Cardano needs this to keep the momentum at $ 3 and beyond

Cardano is seeing some success and the native ADA token has made a big revenue. It set a brand new ATH final month and it handed the $ 3 mark lower than 3 days in the past.

Currently, with a market capitalization of up to $ 92.6 billion, ADA has grow to be the third largest cryptocurrency and is attracting nice curiosity from buyers. But can ADA maintain this upward momentum?

Cardano continues the hype

The Cardano 2021 Summit, which is able to happen September 25-26, additionally witnessed the hype, however that does not actually assist a lot with the price.

For two weeks now, ADA’s price motion has remained comparatively flat, falling solely about 1.6% in the $ 2.9 area. Although the $ 3 mark was hit 2 days in the past, there may be some skepticism about when this may occur once more.

ADA price desk | Source: TradingView

So even when ADA breaks the $ 3 mark once more, there’ll seemingly be a consolidation between $ 3.2 and $ 2.45. Now it is necessary to contemplate how buyers react when the price crosses the $ 3 mark.

Investors are nonetheless confused

After the volatility in the $ 3 area, ADA additionally noticed bearish habits from retail buyers. The variety of longs liquidated was greater than shorts throughout the month and it seems that lengthy liquidations at the moment are dominating the market.

(*3*)

Cardano Open Contract | Source: Coinalyze

In addition, there may be additionally the chance of whales shifting belongings. This will be inferred from the massive trades (value greater than $ 100,000) which can be occurring in the market as over $ 136.83 billion in ADA has moved in the previous 3 days.

Cardano’s monumental transaction quantity | Source: Intotheblock

The excellent news is that given the excessive funding charge, any bearish sentiment will be brushed apart. In addition, the Open Interest (OI) is at an all-time excessive.

Cardano Open Contract | Source: Coinalyze

In abstract, it may be stated that much more motion is required on the spot market, as a result of the quantity won’t be able to preserve this dynamic for lengthy.

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