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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.
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.
#cardano a ticking time bomb with smart contracts coming soon! $1 easy, likely going to see $4 or $5 this bull run
— Lark Davis (@TheCryptoLark) January 9, 2021
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
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