Cardano's price soars on Alonzo news

If the bulls maintain their upside, ADA’s price could reach its ATH around $2.45.

Cardano is once again outperforming all other top 10 crypto-currencies in terms of market cap, thanks to an explosive performance early in the session on Wednesday.

According to CoinGecko data, ADA is trading at $1.79 at the time of writing, up 22% in 24 hours and currently more than 30% in the green over the past week.

In comparison, Bitcoin ‘s price has gained 2.1% and Ethereum 4% at the time of writing, though both are above key price levels at $46,270 and $3,230 respectively. Other top performers today among the major coins are Binance Coin (BNB) and XRP, both of which have posted double-digit gains to trade around $390 and $0.90 respectively.

ADA’s explosive performance has seen its technical outlook improve significantly over the past week.

Cardano Price Outlook

Cardano’s latest surge comes after ADA creator Charles Hoskinson revealed that the much-anticipated Alonzo upgrade will take place before Cardano’s top, which is scheduled for September 30.

In the video shared on Twitter, Hoskinson promised that more details would be provided on Friday, while expressing confidence that smart contracts will transform Cardano from a ” shadow blockchain into a juggernaut.”

The bullish sentiment around Cardano means further moves toward $2 or even the all-time high of $2.45 are likely. Even veteran trader Peter Brandt, who last week had a negative view on ADA, has updated his outlook for the digital asset and now thinks a bullish breakout could occur.

See also  Three Arrows Capital launches $100M fund to create the "world's finest collection of NFTs

According to Brandt, Cardano’s latest rise has basically invalidated a bearish chart pattern that informed his forecast. Cardano's price soars on Alonzo news

Daily chart of ADA/USD. Source: TradingView

The daily chart above shows that the recent break above horizontal resistance at $1.48 triggered an extended move to the $1.65 and then $1.77 barriers. If the price continues to rise, new targets are at $1.85 and then $2.

On the other hand, the 20 SMA ($1.37) and $1.25 offer primary support levels.