Cardano (ADA) breaks $ 2 for first time since May, why new all-time high is imminent

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Cardano (ADA) has had a hot streak recently. The price of ADA has seen increasing growth in the market. After collapsing to nearly $ 1, the digital asset has now rebounded to regain its place in the market charts. The price drops of the past two months did not appear to have had much of an effect on the price of the digital asset, as the price has now climbed back above $ 2 as if it hadn’t experienced any difficulties before.

Related reading | Cardano (ADA) records 13% price gains in 24 hours, is $ 2.20 possible again?

With this new point broken for the first time in months, the asset’s next target remains the all-time high it hit in May before falling back. The all-time highest price tag of $ 2.20 is closer than ever. And it is very likely that the price will hit this target in no time, as the market maintains the current momentum and price trajectory.

Good News Shipment Barreling Price

A wave of good news recently rocked the Cardano community. The launch of the Alonzo Purple public test network will be the final testing phase of the project, which will end with the network obtaining smart contract capacity. Development team announcement the launch of the public testnet on Twitter. Explaining that testers from the previous Alonzo White and Blue test networks will be used to perform the tests. With interested developers who will have access to the network.

Related reading | Cardano (ADA) Receives Approval to List in Japan

Cardano (ADA) also recently received approval to be listed on a stock exchange in Japan. Arguably one of the most difficult approvals to get for a crypto project on the market. This has put the digital asset on track to become one of the most valuable cryptocurrencies on the market. Opened the token to a market of over 100 million people who previously had not been able to access the coin.

As the network approaches full smart contract integration, the community has maintained its confidence in the asset. Feelings of detention abound in investor communities. Leading to less selling pressure and more buying pressure. To which the current surge in asset prices can be attributed.

Cardano (ADA) price continues to outperform

The price of ADA over the past 24 hours has been incredibly interesting to watch. Moving with the rest of the market in the bullish rally, the price appears to exceed that of other cryptocurrencies in the market.

ADA price barreling up towards all-time high | Source: ADAUSD on TradingView.com

24-hour price analysis shows that the asset has seen a price change of 14.77% in the last 24 hours at the time of writing. Leading to massive gains in the price. Finally, pushing the asset price above the resistance point of $ 2.

Cardano (ADA) is not trading above $ 2, with indicators indicating that $ 2 could be the asset’s new landing point on the way to a new all-time high. An increase of $ 0.20 from now will set a new record for the price of the asset. And as each hour goes by and the price continues to show bullish indicators, a new high will most likely be broken by the end of the weekend.

Featured image from BeInCrypto, chart from TradingView.com



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