Cardano (ADA) breaks through $3 and continues gains

Cardano (ADA) broke through $3 in this morning’s trading hours, hitting a new all-time high. The bullish price action comes in anticipation of Alonzo ‘s hard fork

on September 12. Sponsored Sponsored

Meanwhile, Cardano

s market capitalization touched $99 billion today. This consolidates the project into the 3rd position in the cryptocurrency market capitalization ranking, behind only Bitcoin (BTC) and Ethereum

(ETH).

ADA breaks through $3

Cardano has been rising since the July 20 low of $1.02 (orange circle). On August 23, the altcoin

set an all-time high (ATH) at $2.97 (red line). It then declined, validating the previous ATH at $2.47 on May 16 as support (green area). Sponsored

The correction

was minor as it only reached the 0.236 Fib retracement level. ADA then generated a bullish engulfing candle, consolidated for a few days to initiate another impulse in the morning hours today. ADA has broken through $3 and is continuing its uptrend. Cardano (ADA) breaks through $3 and continues gainsDzienny wykres CardanoADA chart courtesy of Tradingview

Technical indicators are bullish and supportive of further upside continuation. The RSI

fell below the 70 line during the consolidation, but is currently back in bullish territory. Moreover, the indicator has generated a hidden bullish divergence (blue line).

MACD is rising again and is close to generating a green momentum bar. The stochastic oscillator

has been in bullish territory since early August and confirms the strength of the upward movement. Cardano (ADA) breaks through $3 and continues gainsCardano (ADA) breaks through $3 and continues gains <a href=”https://www.tradingview.com/symbols/ADAUSDT/?exchange=BINANCE”>ADA chart via Tradingview

Future movement

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

Cardano (ADA) breaks through $3 and continues gainsCardano (ADA) breaks through $3 and continues gainsSource: Twitter

According to the chart, the movement target for this pattern is the $3.60 area. As of this posting, ADA has already broken out of this pattern and is moving upwards.

The 4-hour chart of ADA indeed shows that it is following a rising support line that goes back to the August 10 impulse. The upward movement targets are the $3.38 and $3.95 areas. These targets are obtained using the outer 1.618 and 2 Fib retracement measured for the entire downward movement from May to July 2021.

Cardano (ADA) breaks through $3 and continues gainsKrótkoterminowy wykres ADAADA chart courtesy of Tradingview

Cardano already worth $99 billion

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

Cardano (ADA) breaks through $3 and continues gainsKapitalizacja rynkowa CardanoCardano’s market capitalization via CoinGecko

The rise in the ADA price coincides with the anticipation of Alonzo’s hard fork, which is set to launch on September 12. In a recent vlog, Cardano creator Charles Hoskinson said that “everything is green and ready for launch.”

To read the latest analysis of Bitcoin (BTC) by BeInCrypto, <a href=”https://beincrypto.co.uk/bitcoin-btc-remains-optimistic-about-small-support/”>click here.

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