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Cardano’s ADA hits $2.07 ahead of a major announcement from IOHK’s Hoskinson

A total of $6.2 billion worth of ADA have been traded in the past 24 hours, with Cardano’s market cap reaching $65.4 billion

Ahead of a major smart contracts date announcement, the price of Cardano (ADA) has reached above $2.00.

The Cardano community is looking forward to ADA creator Charles Hoskinson’s Friday announcement on when the Alonzo upgrade will finally deliver smart contracts on the mainnet.

The positive sentiment around the news has seen ADA price surge more than 15% in the past 24 hours to trade at highs of $2.07. ADA/USD has nearly doubled its price in the past week, with fresh bids putting the coin up 48%.

At the time of writing, Cardano is trading around $2.05. Aggregate data from CoinGecko shows that at the current price levels, ADA/USD is just about 16% away from its all-time high of $2.45. According to crypto analyst Rekt Capital, ADA might not face stiff challenges on the way to revisiting its all-time peak.

ADA Price Outlook

The technical view of Cardano’s performance over the past two weeks shows a parabolic rally since the rebound off the major support level at $1.06. The increased buying pressure has seen the altcoin post a major move above $1.89, the level that restricted bulls’ advances on 3 June to see ADA/USD tank to lows of $1.00 by 22 June.  

ADA/USD daily chart. TradingView

ADA then struggled to pick momentum and failed to break $1.48, leading to a retest of the critical support level in the $1.00—$1.05 zone. After breaking the downtrend and rallying above $1.50, Cardano’s price has hit multiple highs and is currently eyeing a move to $2.15.

The RSI is in the overbought territory and the MACD increasing above the signal line suggests that bulls might have a shot at hitting the all-time high of $2.45 in the next few days.

If ADA bulls fail to consolidate above $2.00, a pullback to the 61.8% Fibonacci retracement level ($1.88) could call for more sell orders. In this case, if momentum shifts, bears might have a run to the 50% Fib level ($1.70) and possibly the 38.2% Fib level ($1.52).

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