- Many believe the Mithril upgrade could lead to ADA’s price rising to as high as $100.
- At press time, ADA was worth about $0.2966 after its price slipped by 0.48% over the past 24 hours.
- ADA breaking above the $0.7186 resistance level may ignite a bullish rally that will see ADA’s price soar to above $1.
Cardano (ADA) announced that its highly-anticipated Mithril upgrade went live over the past 2 weeks. Shortly after the announcement, many investors and traders started speculating that the upgrade could drive ADA’s price up.
The Mithril upgrade, which was introduced on 30 July 2023, represents a noteworthy achievement for ADA’s Proof-of-Stake blockchain. Its primary goal is to transform the synchronization process of nodes within the blockchain. Furthermore, it empowers users to access the current blockchain state without the need to fetch its complete historical data.
This upgrade drew the attention of the cryptocurrency market, and left many in the industry wondering what the upgrade’s impact will be on the price of ADA. Some people even went as far as to predict that ADA could reach a staggering price of $100.
Although this seems like a major feat, there are certain factors like hyperinflation and the decreasing value of fiat currencies that make many traders believe a $100 prediction for ADA is entirely plausible. Despite this, there are still critics who believe $100 is not in the cards for the Ethereum-killer.
According to data from CoinMarketCap, ADA reached its all-time high of $3.10 in September of 2021. Since then, the price of the altcoin has dropped by 90+% to trade at its current value. At press time, ADA was worth about $0.2966 after its price slipped by 0.48% over the past 24 hours of trading.
ADA’s market cap of $10,384,120,371 ranked it as the 8th largest cryptocurrency. To reach $100, ADA’s market capitalization would need to reach $3.5 trillion. This indicates that ADA still has a lot of work to do to reach the $100 prediction.
Weekly chart for ADA/USDT (Source: TradingView)
ADA’s price has been in a consolidation phase between $0.2190 and $0.4275 over the past few months. Traders and investors may want to wait for ADA to close a weekly candle above $0.4275 before entering into a long swing position for ADA, as this will then clear a path for its price to rise to $0.7186 in the following weeks.
ADA breaking above the $0.7186 resistance level may then ignite a bullish rally that will see ADA’s price soar to above the $1 mark. In this scenario, ADA may climb to as high as $1.7480 within the 3 months after the break above $0.7186.
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