Cardano, which has been slowly gaining popularity, has cemented its place in the trio group with a market valuation of about $90 billion. On Cardano, smart contract capability is set to be implemented in September 2021. There is a lot of doubt, fear, and uncertainty as it consolidates near the top high of $3. Some believe ADA will retrace, while others see this as an opportunity to increase their holdings.
Cardano inflows totaled $10.1 million in the week ending August 30, according to CoinShares, a new high for the cryptocurrency.
Race to $3!
The price of ADA began to rise again above the $2.50 resistance level against the US Dollar. Between $2.75 and $2.90, Ada is slowly going towards the upper Bollinger range. The price is now hovering around $2.75. Cardano’s price has since risen above $2.80 after finding support at the bottom edge of the ascending price channel.
On the upside, the price is coming up against a significant resistance zone near $2.95. The price could climb above $3 if there is an upside break above the $2.95 zone. Near the $2.70 level, there is instant support. The price may return to the $2.50 support level. If the price clears the $2.90 resistance zone in the short future, it might launch a new strong uptrend.
Crypto kaleo has said that ADA needs to break above the $2.7 mark.
The RSI is showing some strength on the charts, with a level of 64. However, there is a substantial likelihood of retracement. The next critical level for the market to breach is the $3 barrier, which it must do in order to continue the bull run.