Analysts expect ADA price to blast off to $3 ahead of Cardano’s Alonzo hard fork


  • Automated market maker Cardaswap will get bridged to the Cardano blockchain after successful completion of the Alonzo hard fork.
  • The hard fork combinator event scheduled for September 12 is a major milestone as Cardano ushers in a transformative era of "smart contracts capability."
  • ADA has surged 31% in the past two weeks, analysts set the next target at $3.
  • 81% of participants on Polymarket bet in favour of Cardano's smart contract launch by October 1, 2021.

As non-fungible token creators consider minting NFTs on Ethereum “unfeasible” due to high transaction costs, Cardano offers a viable and low relative cost alternative on its mainnet. 

ADA rally continues as Alonzo Hard Fork event draws close

Input Output Hong Kong (IOHK), the blockchain development company behind Cardano, shared an update on August 26 outlining the final implementation in the launch of Daedalus, the full node wallet for native cryptocurrency ADA. 

The development team is counting down to the Alonzo Hard Fork scheduled for September 12. The network is now prepared for a public Alonzo testnet hard fork. IOHK shared details of the upgrade on Twitter. 

Benjamin Cowen, a cryptocurrency analyst and YouTuber, recently shared his analysis in a strategy session on the video network. Cowen highlights the correlation between Cardano and Bitcoin. If Bitcoin stays above 20-week Simple Moving Average (SMA), Cowen expects Cardano to continue its price rally.  

Cowen remarks,

Is ADA likely to hit $3.00? The answer to that question likely is just if Bitcoin stays above the 20-week (moving average), it lies with that answer. If Bitcoin is able to stay above the 20-week for just… a day or two, definitely the next few weeks it seems very likely that ADA is going to blast through the $3.00 milestone.

The Cardano community now has renewed confidence in its smart contract launch on the mainnet following the updated announcement and the price rally. It is evident from a bet on the launch of smart contracts on the Cardano network. In an open-betting pool on Polymarket, a global information markets platform, 81% of the participants are in favor of Cardano’s mainnet launch. 

Up from 64% eight weeks ago, now 81% participants are confident that smart contracts will arrive on Cardano’s mainnet by October 1, 2021. 

Analysts at FXStreet consider that Cardano price is likely to rebound strongly and target a new all-time high of $3.40. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Decentraland price under pressure by market turmoil, MANA points to steep correction

Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session.

More Cryptocurrencies News

Bitcoin, Ethereum, XRP at discount ahead of Black Friday while investors fear new COVID strain

Over $265 billion wiped off the overall crypto market capitalization in a bloodbath as news of the new Covid strain breaks out. Bitcoin, Ethereum and Ripple prices have tumbled over 6%, and the top 10 cryptocurrencies are trading at a steep discount.

More Bitcoin News

XRP holds key support while indicators point to short-term recovery

Ripple started a recovery wave above a key support level of $1.024. XRP price started an upside correction as indicators suggest a short-term recovery. The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.

More Ripple News

Dogecoin-killer Shiba Inu hits 1 million holders, gets listed on South Korean exchange

Shiba Inu hit an important milestone of 1 million holders with a rise in the number of investors. The memecoin listed on a South Korean crypto exchange successfully despite strict regulatory requirements. 

More Shiba Inu News

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!

BTC

ETH

XRP