Cardano (ADA), Avalanche (AVAX) Prices Rise as Bulls Eye Further Gains
Cardano (ADA) is on a steady rise as it hits a new ATH price at $2.54, while AVAX continues to increase in price. Ongoing and upcoming developments are the main drivers of the current price actions in those assets.
Cardano’s Price Action
Cardano coin has been on an up and down as it hits the all-time high at $2.54. The coin increased by 20% in the past 24%. In the past 24 hours, Although there have been ups and downs on the coin, it still shows signs of a steady rise. In the past seven days, ADA has had a 27.6% price surge.
Early August 19th, ADA was trading at about $2.18, according to the trading view. The resistance at the time remained at $2.30, while the long-term resistance was $2.47, the ATH set in May. This coin’s value dropped to $2.02, almost hitting its support at $2. Immediately afterward, the coin started a recovery trip, hitting $2.1 and surging fast to $2.42.
These ADA price surges are clear proof that Cardano will perform even better by the end of the year. Although the coin is currently trading at $2.51, it still will cause a further price surge.
The next resistance level ADA could be facing is at $2.83. If the coin continues with the same trend, it will surpass the resistance in the next seven days. If ADA reverses the trend, it could go below $2.3 and fall further below $2.1.
AVAX Price Action
Avalanche($AVAX) has also been performing very well in the past seven days, in fact doubling in price. The coin was trading at $17 on August 13th but recently increased to a high of $35.4. Currently, the coin’s value is around $34.9, up from the 24 hour low of $28.81. CMC shows that AVAX gained about 4.8% in the past 24 hours.
The next resistance level for AVAX is around $40. At this rate, AVAX is likely to break out past the resistance in a few days. Experts are already predicting that AVAX could be eyeing to bounce to its ATH of around $59. At the current pace, AVAX could surpass the ATH later in the year.
Currently, the token is in a string buy market situation. Thus, a long reversal trend is possible but not likely to happen in the next few days.
Upgrades are Causing the Surges
Upgrades and good project news are the primary contributors to the rises seen in ADA and AVAX. ADA awaits the Alonzo fork’s final launch, which will bring smart contracts. Investors are preparing for the incoming price surges, and that’s why there is a continuous uptrend. ADA will most likely hit $3 before the hard fork and may be further towards the end of the year.
Avalanche recently announced an upcoming liquidity mining incentive program capped at $180 million. The good news is part of the factors driving the price increase.