The Cardano price is hovering close to its all-time high as demand for the altcoin held steady. The ADA coin is trading at $2.82, which is slightly below the all-time high of $2.977. It has a market capitalization of more than $90 billion, making it the third biggest cryptocurrency in the world.
Cardano has been one of the most popular altcoin recently. Indeed, a closer look at its social media searches and trends in platforms like Reddit and StockTwits shows that its demand has been rising. Similarly, its search in key search engines like Google and Bing has risen. And popular news platforms like Wall Street Journal and Bloomberg have all written features about the coin.
All this has pushed the Cardano price substantially higher. Another main reason is that the developers are currently working on the Alonzo hard fork. This fork will introduce the concept of smart contracts into the network.
Meanwhile, investors are waiting for the upcoming Cardano Summit that will take place a the end of September. This summit will bring together key stakeholders of the ecosystem like developers and businesses. Most importantly, the Cardano Foundation will likely provide more details about their Ethiopian deployment.
The daily chart shows that the ADA price rose to an all-time high of $2.977. This is a notable price considering that it is slightly below the key resistance level at $3. The price has also formed a break and retest pattern. This happens when the price retests a key level after making a strong breakout.
In this case, this level was at $2.4760. It also remained above the 25-day and 15-day moving averages. Therefore, the coin will likely maintain the bullish trend as bulls attempt to move above $3. On the flip side, a drop below $2.0 will invalidate this view.