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Cardano’s price prediction: ADA could reach a new ATH of $4 within weeks

. USD could retest local support prices before rebounding to trade at $3. 40 to $4 range Cardano’s price has faced increased pressure since the breakout to its all-time high of $3.09. The downside coincided with a broader crypto market slump led by Bitcoin and Ethereum, with Cardano’s ADA slipping to a low of $2.…

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USD could retest local support prices before rebounding to trade at $3. 40 to $4 range

Cardano’s price has faced increased pressure since the breakout to its all-time high of $3.09. The downside coincided with a broader crypto market slump led by Bitcoin and Ethereum, with Cardano’s ADA slipping to a low of $2. 02 on 7 September.

Recovery across the market is seeing ADA’s price currently hover near a previous resistance zone (earlier ATH of $2.47). Cardano is still in a strong place for another leg up. There are potentials for a new record high of $3. 40 to $4 range by early October.

The successful launch of Alonzo’s upgrade is likely to increase sentiment about Cardano in short-term. Cardano is now open to wider adoption thanks to the hard fork.

Cardano price outlook

The outlook for Cardano (ADA) is positive given price action for much of 2021. There’s a slight hint of pressure though, with the RSI on the daily chart below 50.

However, should the benchmark cryptocurrency Bitcoin (BTC) break higher after its match above $48,000, new momentum for top altcoins could favour a bullish breakout for ADA/USD.

In this instance, buyers have the opportunity to capitalize if they protect the local support (the grey area around $2. 38 to $2.47).

An upside impulse will allow for a retest of the 20 EMA ($2. 55), with a breach of the supply zone at the exponential moving average providing for a breakout above the downtrend line formed since 2 September.

If ADA/USD breaks above the bearish trendline buying pressure will most likely propel it beyond the 1. 236 Fib level ($2.82). Bulls should be able to test the barrier at $3 and the current ATR ($3. 09), with success bringing into play a new all-time high likely near the 1. 618 Fib level ($3. 40) and 2 Fib level ($3.98).

ADA/USD daily chart. Source: TradingView

If prices slipped below horizontal support around $2. 38, Cardano’s bullish outlook would be intact as long as the price stays above the 50 SMA ($2.23). If the price falls below this level, it would lead to a collapse to $2 and the 0. 618 Fib level ($1. 89) would be possible.

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