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”.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
MATIC Share Price Forecast: What Does Polygon Expect in the Current Bear Market?
Cryptocurrencies such as Bitcoin and Polygon have a close correlation with stocks. In most cases, they rise when leading indexes...
Coima sgr’s Porta Nuova Centrale Fund Secures €173.5 Million Green Financing
Coima sgr, founded and led by CEO Manfredi Catella, ended 2021 with assets under management up 6 percent to $9.74...
Canopy Growth Sales Disappoint, Stock Under Pressure
Just a week before announcing its latest numbers, Canopy announced its latest acquisition: the purchase of California-based cannabis extraction and...
Solidarity Day 2022: Ganzourgou Producers Offer 2.6 Tons of Food to Vulnerable People
Regarding the selection criteria of vulnerable people, Ambroise Ouédraogo said that his association collaborates with the provincial directorate of Social...
Ford Chooses Almussafes over Germany for the Production of Electric Models
Thus, the Valencian factory will be the fifth Spanish factory to produce all-electric models. Stellantis manufactures electric models at its...
Biotech1 week ago
Satellos Bioscience’s Stem Cell Signaling Research Could Turn the Tables on Muscular Dystrophies
Crypto2 weeks ago
Solana Price Forecast: SOL Forms a Dead Cat Bounce
Crowdfunding2 weeks ago
Exporo Raises Funds, but the Company Value Decreases Instead of Increasing
Cannabis2 weeks ago
Luis Figo Launches His Brand of CBD Products