Cardano Broke $3 – Could ADA Break $4 In Coming Week(s)?
Cardano (ADA) has been performing extremely well recently. It is no longer a surprise to see ADA to bring massive returns in just a short period of time. With big things coming up for the project, the price has continued to soar. ADA broke a critical $3 resistance point recently.
The early hours of the morning saw the price of the digital asset hit a new all-time high of $3.10. Before hitting what appears to be a roadblock and correcting back down. While the downward correction does not necessarily look negative on ADA, it’s currently trading at $2.93
it’s not unheard of for assets to correct downwards after having rallied in a short period of time. Basically giving the market time to catch up with the valuation of the asset. ADA’s correction saw it hit back down towards $3. But this point acted more as a bounce point for Cardano, which sent the price back up to a more comfortable resting point for the time being.
ADA looks poised for another rally. With the current momentum and general market sentiment surrounding ADA, it will be no surprise to see it hit $4 next week (or latest once the smart contracts launch). Growing interest has led to an accumulation of the asset. Future use cases put Cardano on track to become one of the most widely used blockchains in the space. Hence giving its native asset ADA the needed push to grow fast enough to break through $4.
What’s Pushing Cardano (ADA) Towards $4?
Most of the momentum ADA has seen has come from the expected upgrades occurring this month. The team behind the Cardano project announced in August that the final upgrade, which is the Alonzo Purple Hard Fork, that will bring smart contracts capability to the network will be released on September 12th. This will put the blockchain on a level where it can compete with Ethereum, the leading smart contracts platform.
As users anticipate being able to carry out decentralized finance services and mint NFTs on the network, investors have poured money into ADA. Expecting the price to blow up leading up to and after the announcement of this final upgrade.
Cardano founder Charles Hoskinson has said that the project is on track. And Cardano has received the go-ahead from its shareholders to release Alonzo Purple as scheduled. With less than two weeks left to the launch, the price is expected to continue to rally, with the current trajectory putting ADA on a sure path to $4 before the release of smart contracts capability. After which adoption of the network due to its new use cases will drive the price even further up.
