ADA's price soars as Cardano investors look to smart contracts

A total of $6.2 billion of ADA has traded in the past 24 hours, with Cardano’s market cap reaching $65.4 billion.

Prior to the announcement of an important date for smart contracts, Cardano’ s (ADA) share price exceeded $2.

The Cardano community is eagerly awaiting Friday’s announcement from ADA creator Charles Hoskinson on when the Alonzo upgrade will finally allow smart contracts to be offered on the main network.

The positive sentiment surrounding this news has seen the price of ADA rise over 15% in the last 24 hours to trade at a high of $2.07. ADA/USD has nearly doubled in price over the past week, with new bids pushing the wedge up 48%.

At the time of writing, Cardano is trading around $2.05. Aggregate data from CoinGecko shows that at current price levels, ADA/USD is only about 16% off its all-time high of $2.45. According to crypto analyst Rekt Capital, ADA may not face any significant challenges to regain its all-time high.

ADA Price Outlook

The technical view of Cardano’s performance over the past two weeks shows a parabolic rally since the bounce off the major support level at $1.06. Increased buying pressure allowed the altcoin to break through the $1.89 level that had limited the bullish advance on June 3, only to see ADA/USD drop to $1 on June 22. ADA's price soars as Cardano investors look to smart contracts

Daily chart of ADA/USD. TradingView

ADA then struggled to gain momentum and failed to break the $1.48, leading to a retest of the critical support level in the $1-1.05 area. After the break of the downtrend and a rally above $1.50, Cardano’s price has made multiple highs and is currently targeting a move towards $2.15.

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The RSI is in overbought territory and the rise in the MACD above the signal line suggests that the bullish move could have a chance to reach the all-time high of $2.45 in the coming days.

If the ADA bulls fail to consolidate above $2, a pullback to the Fibonacci retracement of 61.8% ($1.88) could call for more sell orders. In that case, if momentum changes, bears could head for the 50% Fib level ($1.70) and eventually the 38.2% Fib level ($1.52).