Cardano price remains on an uptrend as more buyers ride the wave. The crypto is currently ranked third with a market dominance of 4.33%. Over the past 24 hours, its trading volume has risen by 10.37% at $8.82 billion. Notably, the figure stood at below $2 billion at the beginning of August.
The highly anticipated Alonzo hard fork is also boosting Cardano price. The key upgrade will have the crypto subjected to smart contract functionality. The execution is expected before the end of the year’s third quarter.
ADA/USD has eased below the psychological level of 3.00 after recording further gains in the previous session. Earlier on Tuesday, it hit a new record-high of 2.97 before pulling back. At the time of writing, the cryptocurrency was down by 1.84% at 2.86.
Since retesting its pervious high of 2.57 on Friday, it has risen by about 11.15%. In a broader context, Cardano price has surged by about 118.12% since the beginning of the current month. On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the near term, I expect the crypto to continue finding resistance at 3.00. Subsequently, it may trade within a tight range as it finds support along the 25-day EMA at 2.75. A bullish breakout will place the next target at 3.25, which will be a new record high. On the flip side, a decline past the 25-day EMA will place the support level along the 50-day EMA at 2.60.