The Cardano price bullish momentum continued in the overnight session as the fear of missing out (FOMO) trend remained. The ADA token surged to an all-time high of $3.02, bringing its total market capitalization to more than $95 billion.
Cardano rally ahead of Alonzo hard fork
Cardano is a relatively controversial proof-of-stake network that was developed by Charles Hoskinson. The network’s goal is to use the power of blockchain to solve some of the biggest challenges in key industries like education, retail, and finance.
Cardano is currently implementing one of the biggest blockchain project in the world. A few months ago, the developers reached a deal with the Ethiopian education ministry to decentralize the sector. They are currently implementing the project, with an update set to be released soon.
Cardano is controversial because, unlike other popular altcoins like Ethereum and Polkadot, little is known about the projects built using the network.
This could soon change as the developers ramp up the development of its Goguen era phase. This is a phase where the network will introduce the concept of smart contracts. By so doing, Cardano will become like other blockchain projects like Ethereum and Solana that enable developers to build decentralized applications.
Still, the platform faces significant challenges. For one, the DAPP development industry is maturing and many developers have already chosen their preferred platforms. Today, most DeFi projects have been built on Ethereum. Indeed, their total value locked (TVL) have surged to more than $90 billion.
At the same time, Cardano will need to compete with other fast-rising Ethereum-killers like Solana, Polkadot, and Avalanche. Still, with the coin’s momentum rising, there is a possibility that its price will keep rising.
Cardano price prediction
On the daily chart, we see that the ADA price formed a strong support at $0.955 in May, June, and July. Since then, the token’s price has jumped by 212%, becoming one of the best-performing coins in the world. Along the way, Cardano has become the third biggest cryptocurrency after Bitcoin and Ethereum.
It has moved above the 25-day and 50-day moving averages. Most importantly, it rose above the key resistance level at $2.4760, which was the previous all-time high. The coin has also risen above the Ichimoku cloud while the Relative Strength Index (RSI) has kept rising. Therefore, the path of the least resistance is to the upside, with the next key level to watch being at $3.50.
If you’re interested in investing in Cardano, check out our guide on how to buy Cardano online.
