The founder of IOHK, Charles Hokinson, held a surprise AMA to celebrate the announcement of the launch date of Cardano Smart Contracts. As the date for the Alonzo Hard Fork is set to 12th Sept 2021, ADA price spike with the huge positive market sentiments surrounding the space. Additionally, the integration of the smart contracts could also give a boost to the developers who wish to build DeFi applications.
Currently, a tug of war is going on for the 3rd spot on the cryptocurrency ranking list. As the market cap of Binance Coin(BNB) is just above Cardano, both are attempting hard to secure their position. After a massive rally of nearly 50% over the past seven days, ADA could rally high to hit $5 in the coming future.
The daily chart recorded huge green candles, going parabolic, but currently, a small red candle is hindering the price rally. And hence, the possibility of the formation of Cup & Handle pattern surfaces the waters.
As shown in the figure, the first red candle marking the dump has already registered. Yet a couple of similar candles could validate the pattern. Despite a slight pullback, yet the price is expected to sustain above $1.8. And further, the price could skyrocket to clinch the levels close to $3 smashing the current ATH.
No doubt the trading volume has dipped notably, but the buying has accelerated from the past month. And hence it points out towards a massive rally fast approaching for Cardano price that could form higher highs.