Cardano’s Bull Run Gains Strength: Ready to Test New ATH?
Cardano appears to have resumed its uptrend after undergoing a slight correction in the previous session. Earlier this week, we predicted that ADA could be headed to a new ATH, and indicators still hold in line with this forecast for now.
At the time of writing, ADA/USD is trading at around 1.49, breaking above the key resistance at the 1.48 level. A break above this level will boost market’s confidence and send prices soaring higher, sending Cardano on course to touch new record highs in the near term.
On the fundamental side, markets are looking forward to the blockchain network offering smart contract capabilities soon, after the team behind its development confirmed that this functionality could make its way into Cardano by this summer. Earlier this week, IOHK – the company behind Cardano and ADA, announced the Plutus platform – a native smart contract programming language that will offer the framework for enabling and handling smart contracts on this blockchain network.
So far this year, ADA/USD has gained more than 840% of its value, powered by the bull run in the overall crypto market as well as due to high transaction costs and congestion on Ethereum sending users towards other blockchain networks. The upcoming major upgrade to the network has the crypto community even more excited about how Cardano can take on Ethereum in the DeFi and DApps space, and rise in popularity.
Key levels to watch
Technical analysis also indicates a continuation of the bullish trend in ADA/USD, with the price holding strong above multi-week highs. A break above 1.52 can take Cardano (ADA) higher towards its new ATH.
However, if buyers are unable to push past 1.52, ADA can easily lose value and fall down to 1.45. A break below this level can reverse the trend and turn the price action extremely bearish for this cryptocurrency.
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