Cardano's price (quotation ADA) once again hit another all-time high at $ 2,84 as it continues to break above previous records. ADA is headed for a 20% surge as the cryptocurrency moves forward showing enormous strength.
Eyes on ADA's next target: $ 3,36
The price of Cardano rose to a new all-time high on August 23, standing at $ 2,84, showing no signs of slowing. ADA is close to labeling the 127,2% Fibonacci extension level at $ 2,86, the next level to tackle before aiming higher.
If Cardano price were able to break out of the aforementioned resistance level, ADA would aim for a 20% run towards the 161,8% Fibonacci extension level at $ 3,37.
While nearly 100% of investors in ADA are now in profit, Cardano's price appears to be rising in tandem with increasingly positive sentiment ahead of the launch of smart contracts in September.
Alonzo's hard fork will introduce the smart contract functionality that will allow the network to become a leading competitor in the programmable blockchain sector to expand the solutions it can offer to its users.
The new functionality would even allow for the incorporation of applications such as decentralized financial platforms. Cardano would be in a better position to challenge Ethereum, the leading blockchain when it comes to smart contract functionality.
ADA price trend
On the daily chart, the Relative Strength Index (RSI) shows that the Cardano price is slightly overbought. However, the bullish narrative unravels as the RSI points to a lower overbought level with a reading of 83,22 at current levels from the Aug 14 high of 89,21.
Adding credibility to the optimistic outlook is the Arms Index (TRIN), which is used to measure general market sentiment. The indicator provides a bullish signal as its value is below 1,0, currently at 0,67, suggesting that there is more buying volume than selling volume.
Although the bulls are taking control of the market, ADA may still be susceptible to a correction, as witnessed by many bullish runs. The Cardano price would find significant support at the May 16 high $ 2,46 before moving towards the August 14 high $ 2,25.
Should a spike in selling pressure materialize, the Cardano price could reach the Fibonacci extension level of 78,6% at $ 2,15. Given the current market conditions, no lower levels are expected for ADA.
Have you ever invested in ADA? If you are considering doing it, perhaps this could be the best time. Let us know in the comments section below.
