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A Popular Analyst Predicts Cardano (ADA) Price to Hit $5 Very Soon!

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Highlights

    ADA price on the verge to reclaim its position at $0.35 after a pullback to the levels close to $0.26

    With the lauch of the Cardano Smart Contracts on KEVM testnet, the ADA price is expected to shoot up till $5

Cardano Smart Contracts to Boost ADA Price

Cardano (ADA) price witnessed a huge surge since the beginning of the new year 2021 which rallied more than 110% within a week. But woefully, the asset also experienced a 27% decline in the price due to which $0.26 levels were revisited within 24 hours of touching monthly highs.

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However, the Cardano price is on the path to reclaiming its previous position at $0.3597 and also could rally further to touch $1 as predicted by one of the popular analyst Lark Davis.

As per the analyst, with the launch of the Cardano Smart Contracts, the ADA price may hit $1 with fewer efforts and further, the price may experience a drastic bull run which could escort the price to $4 or $5.

ADA Price Analysis

ADA price chart

The Cardano price in the last 24 hours began with a plunge to $0.28 levels but later a surge rallied the price close to $0.3159. Further, yet another plunge pulled back the price to as low as $0.2682 but quickly regained to $0.3181. 

After experiencing a jump and drop in the price, the ADA price at the time of writing is yet again below $0.3 at $0.2982 with a jump of 5.33 percent in the last 24 hours. The price is, however, trending in the ascending triangle and a breakout is mandatory to continue with the uptrend. 

Technical Indicators

  • A strong resistance initially is at $0.32, after breaking this level, the price needs to head towards the next resistance levels at $0.344 and finally at $0.3583
  • The support levels are formed at $0.2873 
  • The indicators point out towards a ‘buy’ signal

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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