If bulls maintain their upside advantage, ADA's price could spike towards its ATH around $2.45
Cardano is once again outpacing all the other top 10 cryptocurrencies by market cap, thanks to an explosive performance during the early session on Wednesday.
According to data from CoinGecko, ADA is trading at $1.79 at time of writing, up by 22% in 24 hours and currently over 30% in the green in the past week.
In comparison, Bitcoin price has gained by 2.1% and Ethereum by 4% at time of writing, even though both are above key price levels at $46,270 and $3,230 respectively. Other top performers today among the major coins are Binance Coin (BNB) and XRP, both seeing double-digit gains to trade around $390 and $0.90 respectively.
The explosive performance for ADA has seen its technical outlook improve dramatically over the past week.
Cardano price outlook
Cardano's latest upsurge comes after ADA creator Charles Hoskinson revealed that the highly anticipated Alonzo upgrade will happen before the Cardano summit, which is scheduled for 30 September.
In the video shared on Twitter, Hoskinson promised more details will be provided on Friday, even as he expressed confidence that smart contracts will transform Cardano from a "ghost chain to a juggernaut".
The upbeat sentiment around Cardano means further moves towards $2 or even the all-time high of $2.45 are likely. Even veteran trader Peter Brandt, who last week held a bearish view of ADA, has updated his outlook for the digital asset and now thinks a bullish breakout could happen.
According to Brandt, Cardano's latest upside has basically invalidated a bearish chart pattern that informed his prediction.
https://twitter.com/PeterLBrandt/status/1425077211573403660 ADA/USD daily chart. Source: TradingView
The daily chart above shows that the recent break above horizontal resistance at $1.48 triggered an extended move to the $1.65 and then $1.77 barriers. If the price continues higher, new targets lie at $1.85 and then $2.
On the other hand, the 20 SMA ($1.37) and $1.25 offer primary support levels.