Cardano’s $ADA has rebounded in green, jumping 13% to $2.20 after almost three days of straight decline. Before now, $ ADA was trading at $2.09, but the recent surge has seen it reclaim its third spot. The latter half of September hasn’t been a fantastic period for the crypto after recording a new all-time high of $3.10 on September 2.
Experts Expected the Alonzo Upgrade to Push the Price Up
Cardano had a major Alonzo upgrade on September 12, and everyone, including investors, predicted it to push the price further up, just like how it happened to Solana. To everyone’s disappointment, the month proved to be bearish, not just for Cardano but for other cryptos as well. $ADA, Bitcoin, and other cryptos declined by 25% in the past two weeks.
Investors and market pundits are seriously hoping for a bullish run in the last quarter of the year, with Cardano expected to post a fresh high. Some experts predict the resistance level for the coin to hover at $2.44. But, others state otherwise, saying that Cardano needs to break away from the $2.50 barrier before the market can expect a bullish uptrend.
$ADA Predicted to Hit the $4 Mark Before the Year Ends
CEO of deVere Group Nigel Green says that the bearish market result recorded in September so far is temporary, and even if it proceeds further to the end of the month, Cardano will rise eventually. He explains that Cardano’s upgrade has impacted the blockchain significantly, and it could drive the price upwards.
According to Green, everyone should focus on the purpose of the crypto, its duration in the market, market cap, and its underlying solutions. Cryptos that solve an issue have a higher chance of succeeding than those that don’t. He further added that the longer a crypto stays in the market, the more trustworthy it becomes. Coins that are developed on solid networks will grow stronger. Green then gave his prediction on Cardano, saying that he expects the cryptocurrency to surge 91% before the end of Q4.
Cardano completed its much-awaited Alonzo hard fork upgrade on September 12 after testing its Dapp for mainnet a week before. The launch of the first Dapp received heavy criticism for its functionality, but the team stated that it would rectify any error the system poses before launching the full-fledged Alonzo upgrade. Cardano blockchain disclosed that the Alonzo upgrade would integrate Plutus smart contracts into the mainnet and make the implementation of smart contracts convenient. In addition, it will facilitate DeFi apps projects and make transaction fees flexible.
Following the anticipation surrounding Alonzo hard fork upgrade, $ADA rose to a record-high from July to early September, trading at $3.10. That was the last time the coin hit that mark.