As BTC prices continued to fall, the Cryptocurrency market appeared to be doomed. It has a 46.14 percent market share, up 0.52 percent from the previous day. Despite the fact that volatility has decreased, most altcoins are still trading in the red zone.
Cardano (ADA) appears to be in the spotlight as smart contracts become more prevalent. However, as Cardano Price approaches the major and critical level of $1, the price action shows no signs of recovery. The Altcoin is presently trading at $1.17, up to $0.0038 (-4.98%) from its previous price.
Cardano’s last closing was $1.18, however, after a volatile start to the day, it rose to $1.19 before reversing. $1.22 is the primary pivot resistance level, followed by $1.27 and $1.30. The support levels on the downside are at $1.15, after which the gates to $1.12 and $1.07 open up.
ADA Price has to close above $1.30 and head towards the key threshold of $1.40 to confirm a bullish rise. On the other hand, if it closes below $1.12, the slump towards $1 will be confirmed.
$5 or $10 for ADA?
Jason Pizzino, a cryptocurrency expert, discusses his expectations for Cardano (ADA) in the second half of the year.
According to Pizzino, the charts reveal that “buyers are fleeing” ADA, and the asset’s technicals aren’t looking positive in the near term. He further claims that, depending on the entire market structure, the price would decrease to $1 in the following days.
Despite his pessimistic short-term thesis, the analyst believes Cardano will touch and rise 100 percent to 300 percent higher than its present values of around $1.16 at the time of writing. According to the analyst, he has heard demands for ADA to hit $10, which he considers to be unduly optimistic.
Although in this current cycle the analyst predicts that $10 is not possible for Cardano to achieve but $5 target looks possible.
“$2.50, that’s the old high. That would be an $80-billion market cap. $3.75 would be a $120-billion market cap. $5 would be a $560-billion market cap. All within reach here.”
Smart Contracts, When? Market Opens Bets!
On Thursday, a prediction market began, enabling participants to wager on whether the Cardano blockchain will support smart contracts by Oct. 1.
As of this writing, the market has a trading volume of around $157,000. The price of “yes” was $0.37, while “no” was $0.63. The USDC stablecoin will be redeemed for $1 for whichever response is correct.