Will Cardano (ADA) Overtake its ATH by August?

Cardano (ADA)-The Best Crypto of 2022?
  • Cardano (ADA) price shows a bullish signal. 
  • ADA has a high possibility of overtaking its May all-time high price of $2.46 soon.

Cardano (ADA) price shows a bullish signal. However, it has a high possibility of overtaking its all-time high (ATH) price of $2.46 soon. 

Cardano (ADA) Will Overtake $2.46 Soon 

According to CoinMarketCap, the ADA is being traded at $1.48, at the time of writing. The cryptocurrency held the fifth position on CoinMarketCap’s crypto-rankings.

ADA/USDT 50-Day MA, 200-Day MA, and RSI  (Source: TradingView)

Currently, ADA is in a bullish state. However, the ADA price is above 50 MA and 200 MA, so it is completely in a bullish state. Notably, RSI remains at 72.48. This shows that ADA’s price is in an overbought state. This indicates that traders need to trade carefully, however, major price reversal could take place.

ADA/USDT Price Chart (Source: TradingView)

The above price chart shows the Ascending Channel Trend pattern of ADA. Moreover, the chart indicates the bullish performance of ADA over the past few days. However, the trend will continue to reach $2.04 soon, or even it can overtake its May ATH of $2.46. On the contrary, in case the trend reversed then ADA might fall to $1.28 indicating a bearish signal. 

A Quick Overview on Cardano (ADA)

ADA, the world’s fifth-largest digital asset, was launched in 2017. The Hong-Kong based blockchain infrastructure firm Input Output (IOHK) developed this platform. More so, the Cardano blockchain is one of the huge that utilized the proof-of-stake (PoS) consensus methodology, which other blockchains like Ethereum are adopting. 

In addition, Cardano has gone through a series of upgrades. In February 2021, the Mary hard fork upgrade went live which allows users to develop custom crypto assets that include native assets and Non-fungible tokens (NFTs).

Furthermore, the date for the Alonzo hard fork is expected to be announced in mid-August. This is explained by Hoskinson in a recent livestream. Added to this, the Smart contracts will allow Cardano to include DApps and DeFi functionality. 

All-in-all, these upgrades enable the ADA blockchain to compete in the DeFi space like other altcoins such as Ethereum (ETH), Polkadot (DOT), Binance (BNB), and Solana (SOL).

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.