![Bitcoinnews24.PNG](https://images.hive.blog/DQmWBJed1zeRgW1wXNt3ewFVNbzb2Gm6SuMp7wjuUuTSW5g/Bitcoinnews24.PNG) **In this morning’s trading hours, [Cardano](https://beincrypto.com/price/cardano/) (ADA) broke through $3, reaching a new all-time high. The bullish price action goes hand in hand with the anticipation of Alonzo’s hard fork on Sept 12.** Meanwhile, Cardano’s market capitalization touched $99 billion today. This solidifies Cardano’s third-place position in the cryptocurrency market cap rankings, behind only [Bitcoin](https://beincrypto.com/price/bitcoin/) (BTC) and [Ethereum](https://beincrypto.com/price/ethereum/) (ETH). # ADA breaks through $3 Cardano has been rising since a low of $1.02 on July 20 (orange circle). On Aug 23, ADA set an all-time high (ATH) at $2.97 (red line). It then dropped, validating the previous ATH at $2.47 from May 16 as support (green area). The correction was minor, as it only reached the 0.236 Fib retracement. ADA then generated a bullish engulfing candle and consolidated for a few days to initiate another impulse in the morning hours today. ADA has broken through $3 and is continuing its rally. ![Bitcoinnews24.PNG](https://images.hive.blog/DQmZAWnb6obfx8ySdN8jAJmSCpj3ji25UijRLQ4JiJ7nfTE/Bitcoinnews24.PNG)

[ADA Chart by TradingView](https://www.tradingview.com/symbols/ADAUSDT/?exchange=BINANCE)

Technical indicators are bullish and support a further continuation of the upward trend. The RSI fell below the 70-line during the consolidation period, but is currently back in bullish territory. Moreover, the indicator has generated a hidden bullish divergence (blue line). The MACD is rising again and is close to generating a green momentum bar. The stochastic oscillator has been in bullish territory since early August and confirms the strength of the upward movement. ![Bitcoinnews24.PNG](https://images.hive.blog/DQmXuQtUBvfdCBDTsnGjbxFC4PjFmX56wL3vf2nmHnkYhLC/Bitcoinnews24.PNG)

[ADA Chart by TradingView](https://www.tradingview.com/symbols/ADAUSDT/?exchange=BINANCE)

# Future movement In a tweet yesterday, cryptocurrency trader [@cryptoskini](https://twitter.com/cryptoskini) published a short-term chart of ADA that includes an ascending triangle formation. This pattern increases the probability of a bullish scenario, especially when it occurs during an uptrend. ![Bitcoinnews24.PNG](https://images.hive.blog/DQmVqWo9VLFx2YtxLKKs3hhw2vhEgGJRhrVmyAt74magFWK/Bitcoinnews24.PNG)

[Source: Twitter](https://twitter.com/cryptoskini/status/1433170733719502854)

According to the chart, the target for this pattern is the $3.60 area. As of this posting, ADA has already broken out of the pattern and is moving upwards. The four-hour chart of ADA indeed shows that it is following a rising support line that goes back to the Aug 10 impulse. The upward targets are the $3.38 and $3.95 areas. These targets are found using the 1.618 and 2 external Fib retracement levels for the entire downward movement from May to July 2021. ![Bitcoinnews24.PNG](https://images.hive.blog/DQmTxcrEkuGvDECqLXbKQDcV3c4ZhTTVgtCfSCEkqWhsZhL/Bitcoinnews24.PNG)

[ADA Chart by TradingView](https://www.tradingview.com/symbols/ADAUSDT/?exchange=BINANCE)

# Cardano already worth $99B The bullish price action is a consequence of Cardano’s growing market capitalization. According to [data from CoinGecko](https://www.coingecko.com/en/coins/cardano) today, the project’s value briefly reached a record $99 billion. Cardano consolidates its place on the podium of the largest cryptocurrencies, ranking behind only Bitcoin ($942 billion) and Ethereum ($441 billion). ![Bitcoinnews24.PNG](https://images.hive.blog/DQmWAbso4hvYy5H4SbyPks5aouFN3xvtWyQ3Vomg4Nv1rS5/Bitcoinnews24.PNG)

[ADA Market Cap Chart by CoinGecko](https://www.coingecko.com/en/coins/cardano)

The rise in the ADA price coincides with the anticipation of the Alonzo hard fork, which is due to launch on Sept 12. In a recent vlog, Cardano creator [Charles Hoskinson said](https://beincrypto.com/everything-green-and-go-says-hoskinson-on-alonzo-upgrade/) that “everything’s green and go, we’re on schedule.”

[ADA Chart by TradingView](https://www.tradingview.com/symbols/ADAUSDT/?exchange=BINANCE)

[ADA Chart by TradingView](https://www.tradingview.com/symbols/ADAUSDT/?exchange=BINANCE)

[Source: Twitter](https://twitter.com/cryptoskini/status/1433170733719502854)

[ADA Chart by TradingView](https://www.tradingview.com/symbols/ADAUSDT/?exchange=BINANCE)

[ADA Market Cap Chart by CoinGecko](https://www.coingecko.com/en/coins/cardano)

For BeInCrypto’s latest Bitcoin (BTC) analysis, [click here](https://beincrypto.com/bitcoin-btc-breaks-out-towards-51200-resistance/).

bitcoinnews24