ADA is generating a lot of buzz ahead of the unveiling of a prototype dAppStore at this weekend’s Cardano Summit
Since launching smart contract functionality on the blockchain earlier this month, Cardano has been poised to become an industry leader and potentially live up to its moniker of the “Ethereum killer”.
Now, with news about decentralised applications (dApps) on Cardano and an endorsement from Raoul Pal, it’s perhaps not surprising that ADA is currently the top trending cryptocurrency on CoinMarketCap — and this enthusiasm could easily translate into a price rise.
How & where to buy Cardano in the UK and elsewhere
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What is Cardano and what is driving its current rally?
Founded in 2017, Cardano is a Proof of Stake blockchain platform and ADA is its native token. The much-anticipated Alonzo upgrade was deployed on mainnet on 12 September and provides smart contract functionality, meaning Cardano is finally ready to host dApps.
Discovery of Cardano dApps will happen through the Plutus dAppStore — a censorship-resistant “storefront” for Cardano announced this week. A prototype of it will be unveiled at the Cardano Summit this weekend.
Further good news for Cardano today came in the form of bullish comments from former Goldman Sachs executive Raoul Pal. “The price is going up,” said Pal, lauding the project’s large community and suggesting more use cases are needed. “I own it because because [sic] there’s a lot of investors in it. And if the ecosystem builds out, it’s going to do incredibly well.”
Should I buy ADA today?
ADA has lost about a third of its value since setting a new all-time high at the start of this month and is trading at about $2.14 at time of writing.
ADA rejected from resistance this morning near the 50-day simple moving average (SMA) at $2.38, but the 100-day SMA at $1.84 will likely cap further downside.
ADA/USD daily chart. Source Trading View
With all the positive news and developments for Cardano this year, the current dip might represent a strong buying opportunity. A successful launch of the dAppStore could see ADA reclaim its previous all-time high in the coming weeks and head into new territory above $3.
