Cardano’s market value reached $65.4 billion and ADA has been traded for $6.2 billion in the past 24 hour.
Cardano (ADA), the price of smart contracts, is now above $2.00.
The Cardano community is looking forwardCharles Hoskinson (ADA creator) announced on Friday when Alonzo will finally provide smart contracts on the mainnet.
Positive sentiment surrounding the news has led to ADA’s price gaining more than 15% in 24 hours to trade at $2.07. The price of ADA/USD has almost doubled in the last week with fresh bids pushing the coin up 48%.
Cardano currently trades for around $2.05. ADA/USD is only 16% off its previous high of $2.45 according to aggregate data from CoinGecko. Rekt Capital crypto analyst says that ADA won’t face many obstacles in its quest to reach its peak.
— Rekt Capital (@rektcapital) August 13, 2021
ADA Price Outlook
Cardano’s technical performance for the past two weeks is a parabolic rally after rebounding from the $1.06 major support level. Altcoin has moved above $1.89 due to increased buying pressure. This is the level that resisted bulls’ advances and caused ADA/USD to tank to lows at $1.00 on 22 June.
Daily chart ADA/USD TradingView
ADA then struggled to pick momentum and failed to break $1.48, leading to a retest of the critical support level in the $1.00—$1.05 zone. Cardano’s prices have reached multiple highs since breaking the downtrend, rallying above $1.50 and now looking to move to $2.15.
The MACD rising above the signal lines and the RSI in the overbought zone suggests that bulls may have a chance at the all-time high $2.45 in the coming days.
If ADA bulls are unable to consolidate above $1.00, a pullback towards the 61.8% Fibonacci retracement levels ($1.88) might call for additional sell orders. If momentum shifts, bears could have a run at the 50% Fib level ($1.70), and possibly the 38.2% fib level ($1.52).