Cardano (ADA/USD), the third-largest cryptocurrency by market cap, just cemented its position with another impressive bull run that took it to a new all-time high. According to recent information from CoinMarketCap, ADA reached its peak only three cents away from $3, at $2.97.
Since then, the coin has retracted a little bit, but researchers suggest that price moves like these come as the asset extends its actions to challenge its records. In other words, many expect that the coin could surge even higher, potentially going up by another 20% and hitting $3.36, which would allow it to maintain its bullish run.
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ADA hit its new record yesterday, August 23rd. So far, there are no real indications that its rally is going to slow down, stop, or turn around, for that matter. The coin nears the 127.2% Fib extension, with a powerful resistance sitting above it.
Even so, almost all Cardano investors are currently seeing profits, with the coin having massive potential for even further growth in September after the project receives its long-awaited smart contracts upgrade.
The upgrade, known as the Alonzo fork, has been expected for some time with great anticipation, as it will finally allow Cardano to fully integrate smart contracts into its network. This will unlock a whole new world of functionalities within the Cardano ecosystem, such as dApp creation, its own DeFi branch, and more.
The network’s goal is to offer a similar kind of service to what Ethereum (ETH/USD) is offering, only to do it in a more scalable, cheaper, and better way. Cardano has everything that Ethereum lacks at this time, including high speed of transactions. Of course, Ethereum itself might maintain its lead, given the proximity of the full launch of Ethereum 2.0, but Cardano could definitely become its biggest and most serious competitor.
As always with the crypto industry, nothing is certain, and the daily price chart even showed the RSI that indicated that ADA was briefly overbought. The RSI that shows lower overbought scenarios unravels the bullish thesis regarding the coin. For the time being, ADA might still see a correction, but it is undeniable that the asset has reached and exceeded its former record of $2.46 quite a bit.
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