Smart contracts on Cardano are coming on the 12th of September!
The price of Cardano appears to be changing, fuelled by growing concern about Cardano’s smart contract functionality and the Alonzo hard fork. The altcoin has surpassed $2 in price ahead of a key smart contract date announcement.
Cardano bounced past $2 without precedent for almost three months as the blockchain’s chief developer announced that the smart contracts will be launched on September 12th.
The integration of smart contracts would permit the platform to include more applications along with decentralized finance (DeFi) platforms. The improvement could place the platform in a superior situation to challenge Ethereum, currently the leader among blockchains with smart-contract functionality.
Cardano Price Analysis
Because of the good reaction to the announcement, ADA prices have risen more than 17.22% in the last 24 hours and are currently trading at $2.03. Although a protocol upgrade that takes longer than expected could cause disappointment.
ADA is currently trading at $2.45, barely 16 percent behind its all-time high. According to crypto expert Rekt Capital, ADA may not face significant obstacles on its road back to its all-time high.
If the ADA bulls fail to consolidate over $2, support will be found at $1.88, $1.67, and $1.49.
As traders anticipate the Alonzo upgrade, which will bring smart contracts functionality to the network, popular crypto expert Michael van de Poppe is assessing the path of Cardano (ADA). Van de Poppe claims that ADA is breaking clear of critical resistance levels as it climbs upwards in a new video.
Cardano is breaking past resistance, according to him, and we’ve seen a little consolidation before a new breakout to the upwards momentum. He claims that everything is waking up right now, but that huge resistance zones are still present. That is exactly what Bitcoin is doing. Ether is the one who is doing it. That will be done by Litecoin. Cardano has also achieved a significant upward breakout.
“What is the target zone if Cardano is going to continue moving? That is very simple. We are looking at a continuation with Fibonacci extension… The next target zones for Cardano in a new impulse wave are $3.35 and $5.00.”