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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Cardano (ADA) Breaks $3, Here’s Why Price Will Break $4 In Coming Week

Best Owie
Best Owie
1 year ago
3 mins read
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Cardano (ADA) has been on fire recently. At this point, it is no longer a surprise to see the asset posts massive returns in just a short period of time. With so many big things lined up for the project, the price has continued to rally. Now, ADA has broken a critical resistance point in its race to the top. The coin had suffered dips following the knockdown from its first $3 resistance point test. But has successfully broken through this barrier.

Cardano (ADA) price chart from TradingView.com

ADA carries out a successful retest of $3 | Source: ADAUSD on TradingView.com

The early hours of the morning saw the price of the digital asset hit a new all-time high of $3.10. Before hitting what appears to be a roadblock and correcting back down. Although this downward correction does not look negative on ADA.

Correcting downwards is typical for assets that have rallied in a short amount of time. Basically giving the market time to catch up with the valuation of the asset. ADA’s correction saw it hit back down towards $3. But this point acted more as a bounce point for Cardano, which sent the price back up to a more comfortable resting point for the time being.

Related Reading | Cardano Offers Up To $10,000 For Network Vulnerabilities In Bug Bounty

Nevertheless, the asset looks poised for another rally. With the current momentum and general market sentiment surrounding ADA, it will be no surprise to see it hit $4 next week. Growing interest has led to an accumulation of the asset. Future use cases put Cardano on track to become one of the most widely used blockchains in the space. Hence giving its native asset ADA the needed push to grow fast enough to break through $4.

Factors Pushing Cardano (ADA) Towards $4

Most of the momentum ADA has seen has come from the expected upgrades occurring this month. The team behind the Cardano project announced in August that the final upgrade, which is the Alonzo Purple Hard Fork, that will bring smart contracts capability to the network will be released on September 12th. This will put the blockchain on a level where it can compete with Ethereum, the leading smart contracts platform.

As users anticipate being able to carry out decentralized finance services and mint NFTs on the network, investors have poured money into ADA. Expecting the price to blow up leading up to and after the announcement of this final upgrade.

Related Reading | Cardano (ADA) Founder Responds To Criticism Over New Crypto Partnership

Cardano founder Charles Hoskinson has said that the project is on track. And Cardano has received the go-ahead from its shareholders to release Alonzo Purple as scheduled. With less than two weeks left to the launch, the price is expected to continue to rally, with the current trajectory putting ADA on a sure path to $4 before the release of smart contracts capability. After which adoption of the network due to its new use cases will drive the price even further up.

Featured image from 123RF, chart from TradingView.com

 

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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