ADA Price Analysis: Bulls Push Higher Past $2 As Date of Cardano’s Smart Contract Launch Is Finally Announced

• Cardano (ADA) remains in an uptrend
• At the time of writing, ADA was exchanging hands at $2.00, up 16.57% in the last 24 hours
• Cardano is targeting the mainnet launch of the Alonzo hard fork for Sept. 12

Bulls have staged yet another classic comeback in the cryptocurrency market on Friday, as gains across the board erased the entire previous day’s downtrend. Cardano (ADA) has been in an impressive upswing since July 21, rallying 101% from lows of $1.08 to reach highs of $2.08 on Aug.13. At the time of writing, ADA was exchanging hands at $2.00, up 16.57% in the last 24 hours and 41.69% weekly. With a present market cap of $63.93 billion, Cardano has secured the fourth spot in cryptocurrency ranking, flipping Tether to fifth place. Tim Harrison, IOHK’s marketing and communications director has announced that Cardano is targeting the mainnet launch of the Alonzo hard fork for Sept. 12. The anticipation around the much-awaited Alonzo hard fork is likely contributing to the growing buying pressure as CEO Charles Hoskinson earlier announced that the exact date of the smart contract launch would be revealed this Friday.

Key Levels
Resistance Levels: $2.51, $2.03, $1.50
Support Levels: $1.20, $1.00, $0.79

ADA/USD Daily Chart: Bullish

ADA/USD Daily Chart

The current bullish momentum in Cardano (ADA) saw prices rising to the $2 psychological handle which marks a key level of interest. Price is now posting gains for the fifth consecutive day since August 9. The RSI is climbing higher in the overbought zone, suggesting the possibility of a downside correction, however, it seems there may still be some bullish fuel left in the tank.

For the bulls to get fresh fuel and reduce the case of a downside correction though, a decisive close above the $2 psychological level may be needed. In this case, the spotlight will turn straight to the May all-time highs of $2.49. On the downside, traders could look for immediate support somewhere between $1.88 and the MA 50 at $1.35. Another step lower may bring the MA 200 at $1.27 level into view ahead of the $1 psychological handle.

ADA/USD 4-Hour Chart: Bullish

ADA/USD 4-Hour Chart

ADA continued to push higher as it rallied towards the $2 psychological handle. The gains in ADA price coincided with the bullish expectations surrounding the Alonzo Hard fork. Should the pair sustain strength above the $2.08 high, the uptrend could mark a new higher high around the $2.49 peak. Beyond that, the rally may target the $3 round number.

On the contrary, in the event the price retreats below the immediate support at $1.90 until the $1.68 level, the MA 50 at $1.58 could provide extra footing ahead of the $1.39 level. Slightly lower, the MA 200 at $1.33 could trigger a further sell-off towards the $1.14 and $1.01 levels if it gives way. To summarize, the upward trajectory from the July 20 lows of $1.01 is well established and supported by the bullish intersection of the 4-hour moving averages (MA 50 and 200).

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock