Cardano (ADA) managed to reach a new all-time high price on August 23 and, as reported recently, it is <a href="https://www.tradingview.com/symbols/ADAUSDT/?exchange=BINANCE" target="_blank" rel="nofollow noopener">inching towards</a> making a new one as its upgrade rolls out on testnet. Interpreting the price chart of ADA, it is revealed that its price is following a short-term descending resistance line and a breakout from this line could trigger an upward movement towards a new ATH.
<h2>Cardano (ADA) Price Chart Movements Signaling Another ATH</h2>
Since July 20, Cardano (ADA) prices have been <a href="https://www.cryptoknowmics.com/news/cardano-gets-closer-to-smart-contracts-with-latest-upgrade/">moving up</a> from the level of $1.02. So far, it has managed to touch the level of $2.97 on August 23, marking an all-time high. 

As revealed, the coin created a bearish divergence in the beginning and caused a fall in price. 

It should be noted that it has been followed with hidden bullish divergence, a strong sign of the continuation of the trend.

This week, ADA is going to test a new ERC-20 converter in its testnet and is currently making another attempt at reaching a new <a href="https://www.cryptoknowmics.com/news/cardano-ada-coins-reach-all-time-high-as-rally-reaches-new-heights/">ATH</a>. As expected, the upgrade could lay a positive impact on the price of the coin.

CryptoCapo, a well-known crypto trader, outlined a price chart of Cardano and stated that the token is witnessing a short-term resistance at the level of $2.65, and it has to cross it in order to move upwards.
<h2>Resistance Level Acting as Support Level</h2>
Following the tweet, the token managed to re-acquire the area. It is now ready to act as its support level. In addition, it should be noted that the trend in the price movements of Cardano can be considered bullish as long as <a href="https://www.cryptoknowmics.com/news/ada-technical-analysis-the-price-has-updated-the-all-time-high/">Cardano (ADA)</a> is changing hands above the $2.55 support area. 

Moreover, talking about the wave count, it can be seen that ADA is in wave five of a bullish impulse, indicated by white lines on the chart, that began back in the month of March of the year 2020.

Cardano (ADA) May Reach New ATH as Upgrade Rolls Out on Testnet

Cardano (ADA) managed to reach a new ATH price on August 23 and as reported, it is about to make a new one as its upgrade rolls out on Testnet.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

Cardano (ADA) May Reach New ATH as Upgrade Rolls Out on Testnet

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