Price Analysis

Cardano Price Inching Close to $3 ! When and Where is the Next Stop for ADA Price?

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The bitcoin market has made a tremendous comeback after the spring crisis and summer downturn. 

Cardano has increased by over 100% in the last two weeks, making it one of the top performing altcoins. Hoskinson announced the hard fork during a live stream, stating that it would happen before the Cardano Summit, which is presently slated for September 12. 

Cardano was up 17.68 percent on the day, trading at $ 2.92. It was the biggest percentage rise in a single day since August 19. In the previous 30 days, the price of ADA has more than doubled, reaching two new all-time highs in less than 48 hours.

On Monday, Cardano’s native blockchain asset, ADA, reached a fresh high of $ 2.94. The altcoin in third place, ADA, was bullish on the one-day, one-hour, and one-week charts as of press time, hovering around $ 2.9. Is this move towards $ 3 an indication that the ADA may be coming to an end soon? 

If the bulls keep going, ADA will reach a new high. 

Buyers will give ADA the much-needed support to climb further upwards if it manages to break past the big obstacle of $3.

But, despite maintaining its long-term positive outlook, Cardano’s technical indicators indicate a shock in the short term, which could force the ADA / USD pair to drop down to 40%. 

The Cardano token’s daily relative strength index (RSI) has reached overbought territory, hovering at 84. An RSI reading of more than 70 is considered overvalued by traders.

For weeks, the coin has been on the rise, and it continues to encourage its investors. Cardano achieved another all-time high on Sunday morning, August 22, 2021, in anticipation of the Alonzo hard fork.

The forthcoming Alonzo Update has boosted social sentiment as well as the value of cryptocurrencies. Regardless of the price dip or pump, Cardano’s development activity and donors to development activities have maintained reasonable levels.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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