ADA painting bull flag for $3 ahead of ERC-20 converter launch
Cardano (ADA) seems to be heading toward a new record high as its downside move takes the shape of a bull flag.
The ADA surged 16.91% to $2.47, but the pair’s decline came after a strong move higher, wherein it surged over 120% month-to-month to reach an all-time high of $2.97 on Monday. Therefore, the latest declines have given the impression that Cardano is undergoing a brief pause before it resumes its uptrend.
The bullish technical setups emerged majorly due to Cardano’s long-awaited smart contracts feature, set to go live on Sept. 12 via the Alonzo upgrade. The news boosted hopes that Cardano would be able to rival Ethereum, the biggest smart contracts platform, which has lately struggled with network congestion and higher transaction fees. As a result, demand for Cardano has been steadily increasing.
In the latest Cardano 360 event, its top executives announced further plans to attract Ethereum blockchain users. Francisco Landino, project manager at IOHK — the research and development arm behind Cardano — said Cardano would launch the testnet of an ERC-20 migration tool next week. As a result, users will be able to transfer their Ethereum standard tokens (ERC-20) to Cardano’s native blockchain.