Data from the OKEx exchange reveal that ADA, the native token of Charles Hoskinson-owned blockchain platform, Cardano, has hit a multi-month peak price of almost $2.
ADA Still Bullish
ADA has gained 43% in the past week, and in the last 48 hours, it has surged by 32% to reach this price, and it’s about 21% short of its peak price, which it attained on May 17,2021. One possible reason for the ADA rally is the network’s “Alonzo” upgrade, which will enable the integration of smart contracts into the network.
ADA/USDT 1-day chart. Source: TradingView
It is often common for most altcoins to undergo a price correction after a sharp rise within a short period. But that hasn’t been the case with ADA as of this writing. More importantly, CoinMarketCap data shows that out of the top 20 digital assets, ADA is the only one trading in the green. If it continues at this rate, ADA would soon usurp Binance coin (BNB) to become the third-largest cryptocurrency.
ADA price action indicates that it would use the $1.73 price levels as support (still confirming the bullish hypothesis) and might even break the $2 resistance in the next trading session. This is becoming increasingly likely as it has already surpassed the $1.97 resistance.
While most technical signals indicate a possible decline, such decline would be temporary and shouldn’t be a bother. The relative strength index of over 60 indicates that there are still healthy buyers for this token.
Also, the moving average convergence divergence (MACD) indicated a downtrend due to upward pressure. But this is expected in an ideal bull flag formation, which always indicates a dip before a rally breakout.
If ADA fails to sustain its current price, its best option would be a sideways movement around the $1.85 price levels, but it will still resume its rally. Apart from the positive market sentiment from the upcoming Alonzo upgrade, Ethereum’s successful London upgrade and its other upgrades has always been known to affect its token prices positively.
Hoskinson Claims That Ethereum Is Better Than Bitcoin
Over the last few days, the Bitcoin-Ethereum discussion has been a hot topic of discussion in the crypto community. Yesterday, the debate reached its peak when Twitter and Square CEO, Jack Dorsey opined that Ethereum is a “scam.”
A gesture that annoyed several Ethereum enthusiasts; Dorsey’s action (which might reflect what other Bitcoiners probably wanted) might just want to get one back at ‘Ethereumists.’
One Ethereum lead developer opined that Ethereum is the blockchain that’s truly reflecting the ideals of Bitcoin creator, Satoshi Nakamoto. He sure knows that Ethereum isn’t a scam.
However, Hoskinson believes otherwise. The Cardano founder shared his opinion on an interview with Les Fridman during the latter’s show. Hoskinson referred to Bitcoin as a soccer star past his prime and with a potbelly. When popular crypto enthusiast Anthony Pompliano tweeted that Bitcoin is different from Ethereum, Hoskinson tweeted in response, “no, it’s better.”
Hoskinson’s Response To Pompliano’s Tweet. Source: Twitter
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