Cardano (ADA) absorbs all the attention in the crypto ecosystem, as its price is getting closer to setting new all-time highs.
With a gain of 49.08% in the last 7 days, creating a capitalization of $ 69,536 million, ADA has just been crowned as the 3rd largest cryptocurrency on the market, dethroning Binance coin and TetherUS.
The extra gasoline that we are seeing in the rally of this currency is being provided by the imminent update of its blockchain, through an upcoming hard fork that will implement compatibility with smart contracts.
For trader Lark Davis, this could be a very positive catalyst, causing him to expect a profit of up to 50x in the long run.
Just a 6x would lead Cardano to take the place of Ethereum, but how feasible is it to expect a rise of this magnitude in the short term? Let’s find out next.
Cardano Price Technical Analysis (ADA)
From the daily time frame we observe a mega bullish impulse, capable of breaking dozens of resistances without major problem, confirming without a doubt that the dominant force is that of the buyers.
Now the momentum is quite developed, and a correction may be about to begin in the next few hours / days.
It is possible that with a minimum retracement it will be enough to continue developing the great bullish momentum.
The price of Cardano (ADA) seems to have parked in the air today. The closest resistance is at $ 2.30, and it may first be reached before a relevant pullback begins.
The medium / long-term trend can still drive the price significantly higher
From the weekly candlestick chart, we clearly see the undoubted resumption of the uptrend in the medium / long term.
After long months defending the neighboring support at $ 1.00, we finally saw immediate resistance being crossed, located at $ 1.46.
Now setting new all-time highs doesn’t seem like a difficult task for the Cardano (ADA) price.
Also, we are just seeing the beginning of the momentum. If we see the upward force of previous months, we realize that thinking of a 100% or 200% profit is not really far-fetched.
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