Cardano (ADA) Hits New ATH: $3 Next Target Among Buyers?
Cardano (ADA) has hit a new ATH and it looks like there's no stopping its bullish momentum anytime soon as investors remain optimistic about
Cardano (ADA) has hit a new ATH and it looks like there’s no stopping its bullish momentum anytime soon as investors remain optimistic about the cryptocurrency’s prospects as the date for the major upgrade to its network approaches. At the time of writing, ADA/USD is trading at around $2.50.
Investors are also raising their bets on the rollout of the smart contracts feature and expecting the much needed improvement to deliver quite the boost to Cardano’s adoption and price over the coming weeks. A prediction market started in July is also turning increasingly hopeful that smart contracts will be made available by October 1, although when it first started, several stakeholders anticipated a delay in the rollout of this feature.
As we have discussed before, the Alonzo upgrade will empower Cardano’s blockchain with the ability to run smart contracts, making it more attractive to DeFi projects who are looking for an alternative to Ethereum, plagued by congestion and high gas fees issues. In a recently released paper, Input Output Group – the firm behind the blockchain’s development, discussed a new algorithm stablecoin called Djed which will launch on Cardano. Leveraging smart contracts, Djed will further propel the blockchain’s appeal in the DeFi space, touting a stability mechanism which will allow it to be pegged not only to the US dollar but to other currencies as well.
According to a leading crypto trader and influencer Kaleo, Cardano’s ADA looks set for a major breakout similar to what Tron-based BitTorrent (BTT) saw earlier this year. He has forecast a rally of over 600% in the cryptocurrency in the coming days, and also expects it to breakout of a crucial resistance against market leader Bitcoin soon.
Key Levels to Watch
On the 4-hour price chart of ADA/USD, moving averages as well as leading technical indicators MACD and momentum are exhibiting a strong bullish bias among investors at the moment. Cardano’s price has broken past the pivot point at $1.93 and overcome the first resistance level at $2.48 after breaking its previous ATH of $2.47.
Looking ahead, keep an eye on the next resistance level at $2.79 as a break past this can propel ADA towards the key $3 mark.
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