Cardano price continues to trend up as more buyers ride the wave. Crypto is currently in third place with a market dominance of 4.33%. In the past 24 hours, trading volume has increased 10.37% to $ 8.82 billion. Notably, the number was under $ 2 billion in early August.
The highly anticipated Alonzo hard fork also increases the Cardano price. With the key upgrade, the crypto is subjected to the smart contract functionality. Execution is expected before the end of the third quarter of the year.
Technical outlook for the Cardano price
ADA / USD has fallen below the 3.00 psychological level after posting further gains in the previous session. It hit a new record high of 2.97 on the previous Tuesday before pulling back. At the time of writing, the cryptocurrency is down 1.84% to 2.86.
It has risen about 11.15% since retesting its previous high of 2.57 on Friday. In a broader context, Cardano price is up about 118.12% since the start of the current month. On a two-hour chart, it trades above the 25- and 50-day exponential moving averages.
In the short term, I expect the crypto to continue to find resistance at 3.00. It could then trade within a tight range as it finds support along the 25-day EMA at 2.75. A bullish breakout will place the next target at 3.25, which will be a new record high. On the flip side, a decline above the 25-day EMA will place the support level along the 50-day EMA at 2.60.