Cardano in Accumulation Phase! Is ADA Price Eyeing $7 With More than 200% Upswing?

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Cardano’s blockchain is said to have encountered numerous challenges as well as criticism for being late and taking years to implement something that is currently accessible on Ethereum and other tokens.

The Cardano blockchain was successfully upgraded with a “hard fork” on Sunday evening, allowing the use of “smart contracts,” which serve as the foundation for an ecosystem of decentralized applications, decentralized finance, and, most likely, increasingly popular NFTs. 

Polymarket owes Hoskinson a $50,000 payment to his favorite charity. This follows the former’s prediction that Cardano would introduce smart contracts on October 1.

Cardano Price Slumps

When the final upgrade data was announced in August, the altcoin’s price began to rise. In the previous 45 days, the price of $ADA has increased by 2.5X. 

However, based on the historical price behavior of the crypto market, September 2021 has been viewed as a bearish month generally, and this has already had an influence following the bullish first week. In the last week, the price of ADA has plunged. It could also be the cause of market-wide price decreases. 

The price of $ADA has allegedly dropped to a 3-day low of $2.41, representing a solid 6.97 percent drop in the last 24 hours.

Also Read : Cardano’s Alonzo Smart Contract Rolls Out, Yet ADA Price Remains Unaffected!

Analyst Predicts New ATH

The adoption of smart contracts on Cardano, according to crypto expert and trader Benjamin Cowen, could propel the value of the sixth-largest crypto asset to a new all-time high.

A lot of ETH is getting eaten up on all these different platforms, by people that are actually utilizing Ether: NFTs (non-fungible tokens), DeFi (decentralized finance). There’s just so many various applications right now, so many dApps that people are using for Ether, and arguably that’s contributed to the high market capitalization.

Cardano is still in a significant reaccumulation phase between $1 and $3, according to Cowen. However, once it breaks out of the range, he sees the smart contract platform igniting a massive move. If Cardano follows Cowen’s script, ADA may reach $7, representing a 286 percent increase from its current $2.44 price.

Also Read : Cardano Smart Contracts is Now Live! What Next?

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