After its stunning upward surge from late January through early March, could Cardano be ready to make another big leap? Though the coin still has a long way to go, With Cardano Price now at just $1.32, It’s maybe time to buy the dip and hang on tight.
Cardano’s most recent protocol update would be a game-changer, and it may be the catalyst for the ADA price to rise.
The recent update revealed that,
Alonzo will add support for smart contracts – digital agreements – to Cardano about four months from now. It will open up opportunities for businesses and developers, by allowing the creation of smart contracts and decentralized applications (DApps) for decentralized finance (DeFi).
Cardano received two crucial updates, including multi-asset support and the Plutus platform, which led to the new announcement. These improvements will serve as the basis for the Alonzo update.
ADA Price Is Expected to Rise Higher!
Analyst Justin Bennett argues this token’s next rally will happen by the end of April. Around this time IOG should be stress-testing its smart contracts platform, Plutus.
According to Bennet, ADA can soon smash the $10 mark and break the records.
His tweet read as,
On the Cardano’s native token current price action, the analyst said it moving sideways is an indication of a “fair game”, a sign that ADA’s price is not overvalued. Bennet added:
ADA moving sideways for 6 weeks tells me the market doesn’t believe it’s overvalued at all. I don’t buy markets that are going vertical. I buy markets that went vertical recently and have since gone sideways for over a month. That’s a recipe for the next leg higher.
By the end of the month, ADA could target $2, as indicated by the chart below, and then could go for a higher price at $3 in the upcoming months.
Smart Contracts Can Elevate Cardano Price
Smart contracts are the real driving force behind Cardano. The company’s leadership has stated that smart contracts will be available on its blockchain by early May. This may be the game-changer that propels Cardano into the major leagues.
Many in the crypto community claim that Ethereum’s high fees are driving users to cheaper alternatives. Cardano’s platform promises this with improved smart contract protection and EVM compatibility.
If the success of Ethereum’s rivals, such as Binance Coin (BNB), is any indicator of where ADA might go, investors should keep an eye on BNB’s rally.
With a 70.6 percent gain in just one month, BNB seems to be destined to break through all barriers and set new records. It’s unclear if ADA will follow suit and join the ranks of DeFi’s giants.