Cardano (ADA) surpasses $ 3, the rally continues

In trading hours this morning, Cardano (ADA) broke above $ 3, hitting a new all-time high. bullish price action goes hand in hand with the anticipation of the Alonzo hard fork on September 12.

Meanwhile, Cardano’s market capitalization reached $ 99 billion today. This solidifies Cardano’s third position in the cryptocurrency market capitalization ranking, behind only Bitcoin (BTC) and Ethereum (ETH).

ADA exceeds $ 3

Cardano is up from its low of $ 1.02 on July 20 (orange circle). On August 23, ADA set an all-time high (ATH) at $ 2.97 (red line). It then fell, validating the previous ATH at $ 2.47 from May 16 as support (green zone).

correction was minor as it only reached the 0.236 Fib retracement. ADA then generated a bullish engulfing candle and consolidated for a few days to start another momentum in the morning hours today. ADA has broken above $ 3 and continues its rally.

TradingView ADA Chart

Technical indicators are bullish and support the continuation of the uptrend. RSI fell below the 70 line during the consolidation period, but is currently back in bullish territory. Also, the indicator has generated a hidden bullish divergence (blue line).

MACD is rising again and is close to generating a green momentum bar. Stochastic Oscillator has been in bullish territory since the beginning of August and confirms the strength of the bullish movement.

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Future movement

In a tweet yesterday, cryptocurrency trader @cryptoskini posted a short-term chart of ADA that includes an ascending triangle formation. This pattern increases the probability of a bullish scenario, especially when it occurs during an uptrend.

Source:

According to the chart, the target of this caral is the $ 3.60 area. As of this post, ADA has already outgrown the pattern and is moving up.

four-hour chart of the ADA shows that it follows an ascending support line going back to the momentum of August 10. Targets on the upside are the $ 3.38 and $ 3.95 areas. se targets are found using the Fib 1.618 and 2 external retracement levels for the entire downward movement from May to July 2021.

TradingView ADA Chart

Cardano is already worth $ 99 billion

bull price action is a consequence of Cardano’s growing market capitalization. According to data from CoinGecko today, the value of the project briefly reached a record high of $ 99 billion. Cardano consolidates its place on the podium of the largest cryptocurrencies, ranking only behind Bitcoin ($ 942 billion) and Ethereum ($ 441 billion).

CoinGecko ADA Market Cap Chart

ADA price hike coincides with anticipation of Alonzo’s hard fork, which is expected to launch on September 12. In a recent vlog, Cardano creator Charles Hoskinson said that “everything is green and we’re on the show.”

For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.

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