ADA price speculation for Sept 12 as it’s currently flirting with its ATH 24 days ahead of the announced smart contract launch date
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So, as you probably know, ADA's previous all-time high $2.46 was set on May 16, 2021. At the moment, ADA came close to repeating it and even briefly made a new ATH on some exchanges. Anyway, the big question on many people's minds is: Will September 12 play out according to the good-ol' "buy the rumor, sell the news" scenario? I think it's important that the new ATH came almost a month ahead of the announced Alonzo update that will bring smart contracts to Cardano (24 days to be precise). So, here is my totally subjective take on what to expect. Cardano's ecosystem and DeFi in particular are all set and ready to go but for this missing piece. Here's a pic for your reference. Cardano has pushed the smart contracts update for quite a while and capitalized on this promise. Some may even say that the Alonzo update is already priced in. Perhaps it is now. If the recent ADA rally came a week before the update, that would mean it is fueled by short-sighted traders chasing a quick buck – a sure sign that Sept 13 would be red for ADA. But ADA's impressive 13.4x since January 1st 2021 (!), steady performance in the downtrend since May, this recent ascend with BTC and ETH crabbing in the background and 24 days before the update (!) shows just how eagerly and PATIENTLY the crypto community awaits the pivotal Alonzo update. This much enthusiasm cannot be explained by a mere desire to sell the next day. It is there, of course it is there! But there also seem to be other major forces at play. The closest analogy that comes to mind is, of course, ETH 2.0 – would you expect ETH price to drop after the 2.0 yo release? submitted by /u/inevitable_username |
