Cardano (ADA), has been on fire in recent times. It’s not surprising to see the asset making huge returns in such a short amount of time. The price of the project continued to rise because of all the great things that were lined up. ADA has now passed a critical resistance point in its race to the top. After the $ 3 resistance test, the coin experienced declines. But, it managed to break this barrier.
Source:| Source: TradingView.com: ADAUSD
The digital asset price hit a new record high of $ 3.10 in the early hours. Before hitting what appears as a roadblock and correcting the situation back. ADA does not consider this a negative correction.
Assets that recover quickly are likely to experience a downturn. This is basically giving the market enough time to catch up with asset’s value. It fell back to $ 3 after the ADA correction. Cardano has used that point to rebound, pushing the price up to a more pleasant resting point.
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However, the asset appears poised for another rally. With the current momentum surrounding ADA and general market sentiment, it shouldn’t surprise that it will hit $ 4 next weekend. An accumulation of assets has resulted from the growing interest. Cardano has the potential to become one among the most popular blockchains in space. This gives Cardano’s native ADA asset the boost that it needs to grow quickly enough to reach $ 4.
Factors driving Cardano (ADA), towards $ 4.
The expected upgrades this month have contributed most of the momentum seen by ADA. In August, Project Cardano’s team announced that the Alonzo Purple Hard Fork, the final upgrade that will bring smart contract capabilities to the grid, would be released. This will allow the blockchain to compete with Ethereum, the world’s leading smart contract platform.
Investors have invested in ADA. Users will be able to use the network to create NFTs and run decentralized financial service. The price of ADA will soar both before and after the final upgrade is announced.
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Charles Hoskinson, Cardano founder, said that the project was on schedule. Cardano has been given permission by its shareholders to release Alonzo Purple according to plan. The launch is less than two weeks away and the price is expected rise further. The current trajectory puts ADA at $ 4 before the release of smart contracts capacity. The adoption of the network due its new use cases will push the price higher.
Featured image by 123RF, chart at TradingView.com