Briefly –
- Cardano’s price appears ready to conquer its next barrier, aiming at higher levels.
- The altcoin retains bullish sentiments as the community awaits the Alonzo upgrade in the coming month.
- Cardano eyes a 20% upside move to $3.36 to maintain its bullish run.
Cardano’s impressive run has the altcoin hitting another ATH at $2.84. Such price moves come as the asset extends its actions challenging its records. For now, ADA prepares for a 20% uptick as the alt indicates enough momentum for high highs.
Cardano Targets $3.36 Next
Cardano’s recent moves had the asset hitting another record high on 23 August. With the actions, ADA claimed the $2.84 mark, indicating no gestures to slow down. For now, ADA nears the 127.2% Fib extension at $2.86. Keep in mind that the crypto will have to tackle this resistance before moving higher.
If the correct catalysts emerge for ADA to overpower that resistance zone, it will register a 20% move to the 161.8% Fib extension around $3.37.
Almost 100% of Cardano’s investors enjoy profits by now. ADA price looks to increase due to the awaited smart contracts upgrade in September.
With the Alonzo fork, the network will launch a ‘smart’ contract feature. With this functionality, Cardano will lead the market as far as programmable blockchains are concerned. That is because the network targets to solve the issues crypto enthusiasts face.
With the upgrade, Cardano might compete with Ethereum, the best ‘smart’ contract platform. Keep in mind that ADA’s new functionality will facilitate DApps creation.
According to the daily price chart, the RSI indicates the ADA is briefly overbought. Meanwhile, the RSI showing lower overbought scenarios unravels the ADA’s bullish thesis. For now, the indicator remains in the 83.22-level compares to the 89.21 high on 14 August.
Meanwhile, the TRIN (Arms Index), an indicator measuring total market sentiment, supports the optimistic narrative. TRIN confirms the bullish case as it hovers below 1.0, currently near 0.67. That translates to a higher buying than selling.
As much as bulls dominate, for now, ADA might see corrections. However, the asset will reclaim the 16 May support at $2.46 before plunging towards the 14 August highs of $2.25.
If ADA sees increased selling pressure, it will move towards the 78.6% Fib extension at $2.15. However, with the current market situation, ADA will not experience plunges.
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