Cardano price smashes all-time highs, ADA aims for another 20% climb


  • Cardano price is ready to bust through the next obstacle to hit higher levels.
  • The sentiment around ADA remains bullish ahead of the Alonzo hard fork next month.
  • Cardano is headed for a 20% upswing targeting $3.36 to continue its tremendous run. 

Cardano price (ADA) has yet again recorded another all-time high at $2.84, as it continues to challenge previous records. ADA is headed for a 20% surge as the cryptocurrency proceeds by showing massive strength. 

Cardano price eyes $3.36 next

Cardano price rallied to a new record high on August 23, claiming $2.84, showing no signs of slowing down. ADA is close to tagging the 127.2% Fibonacci extension level at $2.86, the next level to tackle before aiming higher.

Should Cardano price be able to slice above the aforementioned resistance level, ADA would be aiming for a 20% run toward the 161.8% Fibonacci extension level at $3.37.

While nearly 100% of ADA investors are now in profit, Cardano price seems to be rising in tandem with the increasingly positive sentiment in anticipation of the smart contracts launch in September.

The Alonzo hard fork will introduce a smart contract functionality that will allow the network to become a leading contender in the industry of programmable blockchains to expand the solutions it can offer its users.

The new functionality would even allow the incorporation of applications such as decentralized finance platforms. Cardano would be in a better position to challenge Ethereum, the leading blockchain in regards to smart contract functionality.

On the daily chart, the Relative Strength Index (RSI) is showing that Cardano price is slightly overbought. However, the bullish narrative unravels as the RSI is indicating a lower level of being overbought with a reading of 83.22 at the current levels compared to the August 14 high at 89.21. 

ADAUSDT

ADA/USDT daily chart

Adding credence to the optimistic outlook is the Arms Index (TRIN), which is used to gauge overall market sentiment. The indicator is providing a bullish signal since its value is less than 1.0, currently at 0.67, suggesting that there is greater purchasing volume than selling volume. 

Although the bulls are taking control of the market, ADA could still be susceptible to a correction, witnessed by many bull runs. Cardano price would discover meaningful support at the May 16 high at $2.46, before slumping below toward the August 14 high at $2.25. 

Should a spike in selling pressure materialize, Cardano price could tag the 78.6% Fibonacci extension level at $2.15. Given the current market conditions, lower levels are not expected for ADA. 

 

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

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto bulls on winning streak pushing for more

Bitcoin price jumped this week after a shift in sentiment on Thursday when global equities went back in the green and investors favored riskier assets like cryptocurrencies. 

More Bitcoin News

Binance support for Polkadot parachain auctions could send DOT to new all-time high

At the Sub0 Conference representatives of Parity Technologies, DOT founders Gavin Wood and Robert Habermeier, confirmed that Polkadot is now ready to implement parachains, auctions and crowd loans on its blockchain network. 

More Polkadot News

XRP price awaits for volume to skyrocket to $2

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple bulls take control.

More Ripple News

Shiba Inu whales buy the dip after SHIB loses $600 million in market cap

Shiba Inu concluded a massive rally, and SHIB price plunged on October 14. Proponents were awaiting a Dogecoin flippening, however, SHIB dropped to 14th rank by market capitalization soon after. 

More Shiba Inu News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP