Cryptocurrency Cardano (ADA) has recently seen a 100% price increase. At this point, it's no longer a surprise to see ADA deliver massive returns in just a short period of time. With so many things yet to come for the project, it should continue to rise. Now, the ADA has broken through a critical resistance point in its race to the top. The coin took a dip after testing the $3 resistance for the first time. But the important thing is that she managed to break through this barrier.
The early morning hours saw the price of the digital asset reach a new record of $3,10. Before hitting what appears to be an obstacle and correcting it back down. Although this downward correction does not look negative in the ADA.
The downward correction is typical for assets that have recovered in a short period of time. Basically, giving the market time to follow up on the asset's valuation. The ADA correction dropped back to $3. But this point acted more like a jumping point for Cardano, which has pushed the price up to a more comfortable resting point for now.
However, the asset looks ready for another rally. With the current momentum and general market sentiment around the ADA, it won't be any surprise to see it hit $4 next week. The growing interest has led to asset accumulation. Future use cases put Cardano on the right path to becoming one of the most used blockchains in space. Consequently, giving your native ADA asset the necessary boost to grow fast enough to surpass $4.
Factors That Can Take ADA Cardan to $4 Next Week
Most of the boost ADA has come from the expected upgrades taking place this month. The team behind the Cardano project announced in August that the final upgrade, which is the Alonzo Purple Hard Fork, which will bring smart contracts capability to the network, will be released on September 12th. This will place the blockchain at a level where it can compete with Ethereum, the leading smart contract platform.
As users anticipate the possibility of performing decentralized financial services and minting NFTs on the network, investors pour money into the ADA. Expecting the price to explode before and after the announcement of this final update.
Cardano founder Charles Hoskinson said the project is on the right track. And Cardano has received authorization from its shareholders to launch Alonzo Purple as scheduled. With less than two weeks to launch, the price is expected to continue rising, with the current trajectory putting the ADA on track for $4 ahead of the launch of smart contracts capability. Thereafter, the adoption of the network due to its new use cases will further increase the price.
