Cardano (ADA) Sets a New ATH, Forming Pattern For Another One

Altcoin News

ADA set a new ATH of $2.55 and became the third-largest crypto by market cap.
The pattern shows that the crypto is ready to hit another new all-time high.

Today, Cardano (ADA) cryptocurrency surged by over 18% to set a new all-time high of $2.55. As a result, it became the third-largest cryptocurrency by market cap. At press time, ADA is trading at $2.50. It has a market cap of $80.7 billion, which is higher than Binance coin’s (BNB) $72.1 billion, according to CoinMarketCap.

ADA is maintaining its drive from Thursday’s run, where it came close to setting fresh price highs. The public blockchain platform has been on a tear in recent weeks. But it is up 150% from July 21 lows of $1.

In addition, Cardano’s (ADA) daily close above the $2.60 resistance. And according to a classic bullish technical analysis pattern signal, the crypto is ready to hit another new all-time high.

Moreover, it seems like the “Alonzo” upgrade has a significant impact on investor sentiment. The upgrade is about smart-contract feature and addresses what critics have called one of the network’s most glaring deficiencies.

For instance, smart contracts have been a revolutionary strength in the blockchain industry. This is because they have allowed the creation of Decentralized Finance protocols, non-fungible tokens (NFTs). Also, a new form of carrying out trades without the need for an agent.

Cardano (ADA) is one of the projects that have gained momentum throughout 2021. But now that the project’s long-awaited smart contract abilities are on the verge of becoming reality, the crypto is on the hill of setting new all-time highs.