Cardano has been a leading gainer in the crypto charts following a recent rebound in the broader market. Bitcoin and ethereum have made slight gains in the past 24 hours, where they are trading at $45K and $3300, respectively. Following this slight uptrend, ADA has benefited from the market support and is moving to new highs.
ADA is trading at $2.59 at the time of writing after a 7.9% gain in 24 hours.
Cardano has been on an uptrend in the past 24 hours, which has enabled the coin to recover some of the losses made during the recent market pullback.
The current ADA uptrend could continue if the bullish sentiment from the broader market becomes stronger. If this is the case, we could see the coin heading towards the next resistance level at $2.60. Buying support could also support the coin’s price action towards $2.65.
On the other hand, the market support could fail similarly to what has happened in the past. In this case, ADA will head to the lower levels of $2.56. Before the 24-hour bull run, ADA tested the lower support levels of 42.40, and weakening support could lead to such lows being retested again.
In August, ADA led the bullish rally because of the news of the Cardano Alonzo hard fork, aimed at bringing smart contracts to the network. The network has stated that several projects have already been launched on the network, causing the recent rally.
However, the Cardano smart contracts launch has been faced with heavy criticism. This comes after the first dApp in the Alonzo testnet Minswap failed because of concurrency issues. Critics have castigated the network’s developer team, stating that Cardano cannot support modern decentralized finance (DeFi) projects. Charles Hoskinson, Cardano’s founder, has dismissed these critics, calling it “Noise and FUD.”
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