With Bitcoin, the world’s most valuable cryptocurrency, plummeting to $50k and Ethereum soaring past $4,300, the rest of the market’s altcoins had two options for price movement. Although some cryptocurrencies, such as XRP and Dogecoin, seemed to be losing traction, others, such as Cardano, saw a price spike.
According to Austin Arnold Cardano will ride along the success of it’s rival Ethereum and the investor sees huge potential for Hoskinsons Cardano ahead.
He says that this altcoin season as well as in this current ongoing cycle there are multiple reasons to believe that Cardano price will skyrocket this altcoin season. One of the main reasons for him being bullish on Cardano is because he is bullish on Ethereum this cycle. He supported this by saying that in a world where Ethereum is valued and speculated on, he thinks that the altcoin is going to do well.
According to CoinGecko, ADA, the seventh-largest crypto asset by market capitalization, is currently trading at $1.72 and has gained nearly 24% in the last two weeks, though it has lost nearly 4% in the last 24 hours.
Arnold is optimistic on Cardano as well, citing the project’s upcoming developments: The asset’s development company, IOHK (Input Output Hong Kong), announced in April that the “Alonzo” update, which will incorporate smart contracts with the Cardano blockchain, will launch in August.
As Cardano prepares to launch smart contracts, Occam and Bondly announce their collaboration to expand the network’s use of NFT and DeFi. Also August is a soft deadline set by IOG CEO Charles Hoskinson for a complete smart contract release. As the deadline approaches, developers are starting to reveal information about their Cardano smart contract offerings.
Nonetheless all goes well cardano can touch new all-time highs and may go much higher.
Cardano Price Poised For A 270% Upswing!
The Cardano price gained much traction with a sudden spike at the end of the previous month. However, the price could not sustain around the yearly highs, and dropped notably, yet failed to break the support levels at $1.
ADA price, currently, has formed a bull flag on a 3-day chart and the on-chain metrics suggests that Cardano bulls may encounter a weak resistance ahead. Moreover, the price is showcasing an equilibrium between buyers and sellers according to an analyst, RESEARCH 24/7.
The analysts have predicted a 270% price gain in coming days, and hence the ADA price coiling up towards $2 may be fast approaching.