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ADA Price Hovering Below $3! Will These Dates Act as a Catalyst for Cardano?

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In recent weeks, Cardano price has skyrocketed in the market, with a 106 percent increase in the last 30 days. The ADA price achieved a fresh all-time high of $3.09 on September 2.

Over the past 2 days, there has been a lot of speculation on social media about Cardano’s ledger method, notably “concurrency.” Misinformation was floating online, so input and output resorted to Twitter to straighten things up.

All Eyes Fixed on This Date

All eyes are now on September 12th, the date set for the Alonzo mainnet upgrade, which will usher at the end of the Goguen period for Cardano. IOHK also verified that the Alonzo HFC, which is set to take place on September 12, is on track. 

The Cardano Summit 2021, which will take place before the update, is attracting a big number of attendees from various places around the world. On September 25-26, an eclectic mix of virtual and live events will cover talking points concerning the platform’s implementation of smart contracts.

ADA Price Analysis

In the middle of an all-time high bullish trend, ADA appears to be consolidating. On September 2nd, 2021, the coin reached a peak of $3.09. Since September 3rd, 2021, the ADA price has been hanging below the $3 psychological level. 

The relative strength index (RSI) is 45, which is close to being undersold and still on a downward slope, giving bulls room to build momentum in the near future. 

The technical indicators chart shows largely bullish signs. The price has dropped to $2.86 at the time of writing after hitting resistance at $2.93. The $2.83 level is currently providing strong support, which is keeping the price stable. If ADA loses momentum and falls below its current trading price, it will settle at $2.66. On the upside, $3 remains a critical mark to break.

The Blogger Scientist is a "Medical Physiologist" and a "Financial Asset" Content Creator who aims at enlightening web reader on varying Financial Assets such as Stocks, FX, Crypto, MLM,. HYIP among others.

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