Is Now The Time To Buy Into Cardano (ADA)?

Cardano ADA/USD has spiked over 100% in the last 3 -days and is currently seeing high interest by investors on social media platforms.

What Happened: Cardano was among the most mentioned cryptocurrencies on Twitter at press time, as per data from Cointrendz.com.

See Also: How To Buy Cardano (ADA)

In the early hours of Tuesday, ADA traded 1% lower at $2.79 over 24 hours and fell 2.77% over seven days.

ADA traded 0.42% and 4.16% lower against Bitcoin BTC/USD and Ethereum ETH/USD respectively over 24 hours.

Since the year began, ADA has soared 1,492.46%. The cryptocurrency hit an all-time high of $2.97 seven days ago.

Since those highs, ADA has fallen 5.89%, but one analyst thinks the cryptocurrency has yet to see “peak hype.”

The analyst Kaleo on Twitter forecast “clear skies” all the way to the previous all-time high. 

A move to the high 3s from here is only ~30%. ADA / BTC chart has clear skies all the way to the previous ATH, which is a 48% move higher. I personally don't think it closes that gap fully on *this* move, but just wanted to show there are no clear BTC pair resistances stopping it pic.twitter.com/JKuHqJOSsK

— K A L E O (@CryptoKaleo) August 29, 2021

Why It Matters: The Charles Hoskinson-created Cardano is due to usher in smart contract functionality on Sept. 15, which fueled its rise last week.

See Also: Bitcoin, Ethereum, Dogecoin Take A Breather But Solana Can't Stop Chasing New All-Time Highs

The smart contract buzz has even attracted a paper Dogecoin DOGE/USD millionaire, Glauber Contessoto, to the Cardano fold. 

“I’m going to start buying up as much Cardano as humanely possible with every bit of money I start making from now on,” Contessoto told CNBC last week.

Recently, Cardano was also listed on the Japanese cryptocurrency exchange Bitpoint, which sparked a rise in its prices.

Additionally, the project announced the availability of Ethereum smart contracts on Cardano.

Read Next: Cardano Founder Says The Only 'Ethereum Killer' Is Ethereum 2.0