The upswing in Cardano (ADA) extends into Tuesday on the back of a sustained rally in the overall cryptocurrency market, especially among altcoins, even before the rollout of the much awaited Alonzo hard fork. At the time of writing, ADA/USD is trading around $1.557.
Over the past week, ever since Bitcoin broke past the key $40,000 mark, Cardano has strengthened by nearly 15%. Investors are excited about the upcoming major upgrade to the network that will empower its blockchain with support for smart contracts, giving it a leg up against current market leader Ethereum in the DeFi space. Cardano, often called the Ethereum killer, offers a less energy intensive way to process transactions in addition to being faster and cheaper than the Ethereum blockchain.
Meanwhile, in a recent interview with Bloomberg, the blockchain’s Co-founder, Charles Hoskinson highlighted one more key strength which makes it more attractive to the socially conscious set. He talked about how the network believes in human rights, which is why it has seen significant adoption across countries in Africa and Central America.
His comments were further reinforced by leading NGO Save the Children, which was one of the first organizations in this space to start accepting donations in ADA. In a recent interview with Bitcoin News, the NGO’s Senior Advisor, Digital and Marketing Innovation, Ettore Rossetti, noted how The Cardano Foundation has backed several community-driven projects in Africa and committed a stake pool for non-profits.
Key Levels to Watch
On the H4 price chart of ADA/USD, moving averages as well as technical indicators MACD and momentum are suggesting a strong bullish bias in the market at present. Cardano’s price has rallied past the pivot point at $1.395 and the first resistance level at $1.527 at the moment.
Looking ahead, if the buying pressure builds up further, we could see a test of the next resistance at $1.627. Overcoming this level opens the door for ADA to rise past the $1.75 mark soon and possibly even $2, but buyers will face another round of resistance at $1.859 before that.