The ADA Price shrugged off the dip below $2.00, surging 30%, and knocking on the door of May’s all-time high. But Cardano usually takes a break at the top. After setting new highs earlier in 2021, ADA suffered significant corrections. Furthermore, following retests tend to result in failure, at least the first few times.
The ADA price is back on track, gaining 13% in the last 24-hoursto $2.4000, within a whisker of the $2.5147 record set earlier this year. Whilst some of the recent rally is due to returning confidence in the cryptocurrency market, the countdown to the Alonzo hard fork is playing it’s part. Cardano enthusiasts are increasingly optimistic the upgrade will lead to the anticipated launch of smart contracts. Although, not everyone. is convinced Cardano threatens Ethereum’s crown. Earlier this week, Crypto billionairee Mike Novogratz irked the ADA faithful when he suggested developers are shunning the proof-of-stake blockchain in favour of rivals. Although, Cardano founder Charles Hoskinson wasted no time in countering Novogratz.
Following Monday’s Twitter exchange the ADA price reversed below $2.00, trading as low as $1.8700 before finding willing buyers. As a result, Cardano has put in two consecutive daily gains and bulls will be banking on a similar performance today to finish the week at new record.
The daily chart highlights the impressive price performance following July’s sell-off. Cardano has improved by almost 150% following the release of my bullish report on the 21st of July. However, until ADA punches through $2.5147, there will be fears of a reversal.
As the chart shows, in January, after reaching $0.3882, the price retreated 40% before again attakng the high. However, Cardano then dropped 30% before eventually trading to a new record price. Furthermore, following the March, high, again the ADA price suffered two setbacks of more than 40% before eventually forging higher.
This brings us to today with the price attempting to clear the ATH. A failure to do so, could result in a correction before a renewed push higher. However, I remain upbeat on Cardano’s prospects and foresee a new all-time-high sometime soon. The only question for me, is when. But if history repeats, there may be a chance to pick up some ADA at a discount in the next week or two.
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