Cardano (ADA) Breaks $3, Here’s Why Price Will Break $4 In Coming Week
September 02 2021 - 7:00PM
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Cardano (ADA) has been on fire recently. At this point, it is no
longer a surprise to see the asset posts massive returns in just a
short period of time. With so many big things lined up for the
project, the price has continued to rally. Now, ADA has broken a
critical resistance point in its race to the top. The coin had
suffered dips following the knockdown from its first $3 resistance
point test. But has successfully broken through this barrier. ADA
carries out a successful retest of $3 | Source: ADAUSD on
TradingView.com 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. Although this
downward correction does not look negative on ADA. Correcting
downwards is typical for assets that have rallied in a short amount
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. Related Reading | Cardano Offers Up
To $10,000 For Network Vulnerabilities In Bug Bounty Nevertheless,
the asset 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. 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. Factors 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.
Related Reading | Cardano (ADA) Founder Responds To Criticism
Over New Crypto Partnership 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. Featured
image from 123RF, chart from TradingView.com
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