Cardano price after a healthy consolidation for almost a week, broke through the parallel channel to smash $3 in the early trading hours. At a point, the rally also showcased the possibilities of falling for a ‘buy the rumour, sell the news’ trap. Yet the asset received a significant push and broke the speculation.
However, amid the bull run, the ADA price could again retest the levels below $3 around $2.85 or $2.9. The price previously followed a pattern each time it surged high. The uptrend includes a massive leg up followed by a slight drawback and a healthy consolidation. And currently, after testing the discovery mode, the asset appears to have begun with consolidation.
As mentioned in the chart, the price after each surge has accumulated for a considerable amount of time. And hence if the pattern is repeated after the fresh surge, ultimately another buying opportunity could knock the doors. However, the price drop currently may not be so strong as the previous one’s. The reason could be the positive market sentiments ahead of the launch of Alonzo Hard Fork on September 12.
Ultimately the target at $5 appears pretty clear as with a slight consolidation, the Cardano price could hit $3.5 initially. With the end of the Shelly era of the Cardano roadmap, the core of the system would get decentralized. However, the initiation of the Goguen era would mark the integration of smart contracts and the development of DApps. Therefore, $5 would be an easy go for the ADA price, however, the actual target resides around $10.