Cardano’s ADA has been on a continuous price surge, making a breakout and a new ATH of over $2. The credits for this price surge go to the recent developments in the coin, including the phased introduction of the Alonzo fork. ADA prices are most likely going to increase further as the Alonzo hard fork and smart contract availability nears.
Cardano’s Current Price Analysis
For the first time in its history, the ADA coin has hit the price of $2.08. ADA is on a steady rise. The past seven-day data shows that the coin gained over 50% in price and a 15% gain in 24 hours.
Before the break out to $2.08, the Cardano’s resistance level stood at around $1.75, then later $2. Now, the coin broke out past both resistance levels, and the new resistance may now stand at $2.20. The current trading volumes and buying activities show that $ADA is gaining user confidence.
If the price overgrows, investors could lose confidence and probably fear investing due to the high risks. At that point, Cardano could notice a decreasing trading volume, leading to a downtrend to below the previous resistance level and probably further. A downtrend is, however, less likely to occur.
Post-Alonzo Price Prediction
The prices of the Cardano currency are likely to increase even further, especially as the launch of smart contracts edges closer. ADA’s steady rise started mid-July and is most likely because of the impending hard fork. Experts earlier predicted that the coin could increase and surpass the long-term resistance of $3 after the hard fork.
However, with the recent developments, especially the breakout to $2.08, it’s very likely that ADA could reach 2.53 just a few days before the full Alonzo hard fork. Post the Alonzo hard fork, the prices could shoot to hit even the five-year predictions of this coin. Some analysts have recently reviewed their long-term forecasts of the coin, and most analysts agree that Cardano’s price could stand between $3 and $5.
Recently, the actions that followed Ethereum launching the London hard fork should give Cardano investors hope for a better time. The crypto could follow the course and probably surpass the $5 long-term resistance since the activities will vastly increase in Cardano. Many analytical platforms predicted that ADA could reach $5 and $10 in 5 to 10 years. However, once smart contracts are available, ADA could surpass $10 as early as 2025.
The Alonzo Hard fork
The full launch of the Alonzo hard fork is one of the most anticipated events in the crypto world. Cardano investors are explicitly going to benefit vastly, especially with the increased network traffic caused by Defi development.
In the long run, maybe 5 to 10 years, crypto enthusiasts should expect to see further price surges in the Cardano coin, probably hitting $20 or even $50. However, all this depends on how successful the smart contracts provided by Alonzo Hardfork will come.