ADA stands at $2 prior to Cardano smart contract announcement
Since May, this is the first time ADA hits $2 which is interesting because it happened before the introduction of Cardano smart contract.
This is the first time Cardano hits $2 on Friday since May and it seems that there might be even better gains for its holders.
Source: TradingView ADA/USD 1-day candle chart
After heavy resistance, according to TradingView, ADA/USD rose quickly on Friday and stood at around $2.07 at the time of writing this article and is still going up.
This was the highest price ADA hit since May 18, when the market saw a major decline because of China’s drastic measures against mining in their country, which caused BTC to experience a fall almost by half.
This happened right when Cardano had its smart contracts on the way, which was described as a "very bullish catalyst" by popular trader Lark Davis. He believes that as soon as the smart contract feature is operational, a potential profit of 700% will be there for the investors. He also said that "A mere 6X would give it the same market cap as Ethereum,"
"Maybe one day Cardano will 50X, but it is not super likely across short time frames considering the market cap."
Cardano has been fighting very hard to keep the resistance level this week and, in this regard, it was not the only coin. Bitcoin has also been trying hard to break the $47K sell wall and reach $50K while BTC has maintained $40K as a new support level.
Despite some dark months for crypto fans since May, market sentiment is positive and traders are hoping to see greater days in the crypto space.
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