Will 2nd Hydra Integration Boost Cardano to $ 3?

The escalation it’s one of the big nicks in some blockchains. Cardano has done the pre-launch of the 2nd integration of your solution called Hydra this week. Will this allow you to reach $ 3? Wondering Varuni Trivedi en Ambcrypto.

Following the development of Hydra, the coin appreciated 150% between July and August.

ADA rallied from the low of $ 1.22 noting daily earnings of 5.54% hovering near the $ 1.31 mark. This came along with the news of the development of the Layer 2 scaling solution, Hydra.

The data from Crypto Compare presented that the price of Cardano fell by 20,5% in the month of November to $ 1.55, reaching a market capitalization of $ 51.8 billion at the end of the month. However, the total monthly volumes (ADA / USD) they increased a 7.80% to $ 2.28 billion, while the volatility also increased significantly from 54,4% al 72,1%.

After registering three consecutive months of losses, on November 16, it broke below its 200-day moving average, which has acted as a key resistance level in recent months. It also held below its 50-day moving average, which is usually an oversold sign.

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However, on the bright side, blockchain activity rebounded considerably in November, with growth of 4 times in daily active addresses at 216K. The monthly transactions they also grew a 75.8% to 4.62 million in November, a monthly all-time high for the coin, while the number of addresses grew at a great pace, averaging 216K daily active addresses, four times bigger than the previous month.

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Will it hit $ 3 anytime soon?

With ADA rebounding from the $ 1.22 zone, its Relative Strength Index finally broke away from the triple bottom downtrend. The next major resistance for the currency was at the $ 1.37 mark, which could further strengthen the recovery.

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The low of $ 1.22 was recently tested after July and a rebound from it may get the coin pumping, but the retail euphoria, which is key to the rally, was still missing in action. Property statistics show that the retail crowd formed the section largest ADA owners. A retail-backed rally could be key to the price bomb in the near term.

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That said, although the market expected the 170% price appreciation In July-August, the immediate recovery might not turn out the same way this time. It would first have to settle above the key SMAs to truly embark on a bullish journey.

If the price of Cardano could break the resistance at $ 1.37 and return above the previous key levels, it could soon regain the previous $ 2 levels. However, a visit to the $ 3 level is unlikely anytime soon, especially when looking at the softened retail interest.

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Cardano’s Ei indicators are mostly bearish.

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Will 2nd Hydra Integration Boost Cardano to $ 3?

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