Cardano ($ADA), the third-largest cryptocurrency by market cap is currently trading at $2.72 with a 7% surge over the past 24-hours. The altcoin had a phenomenal August, where it more than doubled its price and posted a new ATH of $2.97 just shy of the $3 mark earlier this week. The price surge for ADA is being attributed to the slew of developments on the blockchain as it nears the major upgrade of smart contract integration.
The altcoin has gained 120% month-to-date and became the third altcoin after Solana ($SOL) and Terra($LUNA) to post a new ATH after the May market crash. ADA could retest its ATH soon to post a new ATH above $3 before the September 12 scheduled date for Alonzo upgrade.
Alonzo upgrade for Cardano is being compared to the EIP-1559 upgrade on Ethereum blockchain during the recently concluded London hard fork. Both the upgrade promises critical changes to the blockchain, and the price of both crypto tokens surged in the run-up to the upgrade. While EIP-1559 made Ether a deflationary token by burning additional gas fees out of the circulation supply, the Alonzo upgrade would integrate much anticipated smart contract functionality making Cardano a hub for Dapps.
Just like ETH price soared in the run-up to the upgrade and after the successful upgrade, ADA price could follow a similar trend. The smart contract integration promises to make Cardano compete against the likes of Ethereum, Solana, and Polkadot.
Cardano Eyes New ATH Before Alonzo Upgrade
$ADA is forming an ascending channel on the 4-hour chart where the price is currently near the lower trendline, indicating a possible bounce-back that could see the price move towards the upper trendline and record a new ATH above $3.
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The altcoin might face rejection after touching resistance at the upper trend line, but a bounce-back from here is inevitable sending its price towards new ATH.
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