After the publication of the date for the launch of smart contracts on the Cardano blockchain, ADA is getting closer and closer to the previous all-time high of $2.46. If Michaël van de Poppe has his way, an ADA price of $5 is likely in the near future.
Currently, ADA is trading at around $2.20. Thus, Cardano was able to pass Tether (USDT) and Binance Coin (BNB) and is currently the third-largest cryptocurrency in terms of market capitalization.
Judging by a technical analysis by Michaël van de Poppe, Cardano could still more than double its current market cap of around $70 billion in no time. In a YouTube video, he explained:
“What is the target zone if Cardano continues to move? It’s very simple. It is a continuation with the Fibonacci extension… The next target zones for Cardano in a new impulse wave are $3.35 and $5.00… Is Cardano ready for the run to $5? Yes, I think so. I think the market is ready for another big wave…”
If you want to find more details about Cardano and why analysts believe it could reach the $5 mark, download for free the Born2Invets mobile app. Our companion app brings you the latest business headlines in the world so you can stay on top of the market.
Cardano network has to prove itself first
In the current bullish phase, the Cardano price is rising much more than the price of other cryptocurrencies. ADA gained about 50 percent in the last seven days. Out of the top 20, only Ripple can show a similar increase.
On September 12th, 2021, smart contracts will finally become a reality. This should continue to drive the price in the coming weeks. However, it will be much more important how Cardano performs then. Will enough applications be built on the Cardano blockchain and should demand increase: can the Cardano network withstand higher utilization?
Only after these questions are answered can a long-term Cardano share price forecast be made. Until then, it is first important that Cardano founder Charles Hoskinson’s team delivers.
After all, other projects like Ethereum (ETH) or Solana (SOL) already enable smart contracts and deliver. Cardano still has this step ahead of it. Only then can Cardano also take the next step as a potential “Ethereum killer”.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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