Cardano price has been hovering around a critical support barrier for almost a month and is beginning to coil up. This congestion might lead to a strong bullish breakout, propelling ADA to new highs.
Between late November 2020 and early January 2021, Cardano’s price accumulated for about 38 days, followed by a 600 percent bull run. ADA rose from $0.10 to $1.20 as a result of this rally.
Since mid-August, the Cardano price has been in a similar consolidation phase to the one described above. If a similar pattern emerges and ADA breaks free of the congestion, it will set off an exponential rally.
The confirmation of this rally will come if Cardano prices close decisively above their all-time high of $3.10.
If ADA can reproduce one-fourth of the 2021 run-up, $6 is an achievable goal.
Bullish Factors to propel ADA Price smashes
The Alonzo upgrade
On September 12, the long-awaited Alonzo upgrade was successfully implemented via a hard fork. This enhancement introduces smart contracts as well as a slew of new possibilities, all of which were eagerly anticipated.
More than 100 smart contracts have ran on the network in less than 24 hours, and the platform’s first decentralised application has already been launched.
ADALend is an ADA-based lending platform that will enable a “new generation of flexible financial markets” by serving as a “foundational layer for quick loan approval, automated collateral, trustless custody, and liquidity.”
PlutuSwap Platform’s automated market maker (AMM), a decentralised exchange (DEX), is ready to debut on the Cardano platform. It seeks to create a standard for the ADA DeFi ecosystem, whether it’s in terms of UI/UX friendliness or the Cardano blockchain’s simplicity and stability.