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

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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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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