Cardano (ADA) was one of the cryptocurrency fitter lately. And, at this point, it is no longer a surprise that many investors are expecting even greater returns in the near-term future. However, the currency declined following the collapse of its first resistance point test at $ 3, and then recovered that barrier later. What will happen now?
Today we saw that the asset price was able to break through a new all-time high of $ 3,10. Having reached this peak, ADA corrected downwards and… this is not necessarily a downside.
La downward correction it is typical for assets that have grown over a short period of time. Basically, this correction gives the market time to catch up with the valuation of the asset. The ADA correction therefore served to drop below $ 3, but once this was done, the cryptocurrency rebounded, giving hope for the near future in the short term.
The asset seems in fact ready for another rally. With the current momentum and general market sentiment surrounding ADA, it will come as no surprise to see it reach as high as $ 4 next week.
Most of the momentum ADA has seen in recent times has come from the updates scheduled for this month. The team behind the Cardano project announced in August that the final update, theAlonzo Purple Hard Fork, which will bring the capacity of smart contracts to the network will be released on September 12. This will put the blockchain to a level that can compete with Ethereum, the leading smart contract platform.
Now, as users expect to be able to run decentralized financial services and mint NFTs on the net, investors have poured massive money into ADA expecting the price to go up until and after the announcement of this final update.
Cardano founder Charles Hoskinson said the project is on track. And Cardano has received the green light from its shareholders to release Alonzo Purple as planned. With less than two weeks to launch, the price is expected to continue to rally, with the current trajectory putting ADA on a safe path to $ 4 before the release of smart contract capacity. After that the adoption of the network due to its new use cases could push the price even higher ...