The Cardano price has been hovering near its all-time high for the past week. It has jumped more than 178% from its lowest point in July and 1230% since the start of the year. ADA’s total market capitalization currently stands 2% lower at $90.88 billion. The coin ranks as the third-largest cryptocurrency in the world, after Bitcoin and Ethereum.
Just like most altcoins, Cardano was in the red on Monday. The coin fell more than 8% over the weekend, after closing 16.53% higher on Friday. ADA’s total volume traded in the last 24 hours has declined 10% to $4.9 billion. Notably, the coin’s total volume traded hit $8.05 billion over the weekend, however, it is still below its highest level this month.
One of the reasons behind ADA’s surge in the past few weeks is the enthusiasm behind the coin’s upgrade scheduled for September. The Alonzo hard fork will provide smart contracts, which investors tend to think will enable Cardano to compete with the Ethereum network. A smart contract is a self-executing contract with agreement terms written directly into the line of code. Smart contracts make popular nonfungible tokens, as well as DeFi applications.
Investors seem quite optimistic about the Cardano price ahead of the Alonzo hard fork launch and the upcoming Cardano summit at the end of September.
ADA Technical Forecast
The four-hour char indicates that the Cardan price is trading 1.79% lower at $2.800. Notably, it is close to its all-time high of $2.973. It hit an intraday high of $2.884 before pulling back.
It is trading above the 25 and 50-day exponential moving averages. It is also hovering over the 50-day moving average, reinforcing its bullish sentiment further.
Therefore, the ADA price is likely to maintain its bullish trend as the bulls attempt to move past $3, making $3.500 a logical target. On the flip side, a move below the key support at $2.00 will invalidate this view.