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December 9, 2022
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ADA hits $2 for the first time since May, ahead of Cardano’s smart contract announcement

All eyes are on a support/resistance drop at $2 as bearish sentiment remains absent for Cardano this week.

Cardano’s ADA token made a triumphant return to the $2 mark on Friday, with weekly earnings reaching 50%.

ADA reverses most of its three-month losses

TradingView data showed ADA/USD skyrocketing during Friday after overcoming strong resistance.

At the time of this writing, the pair was hovering around $2.07 and continuing to rise, earning $0.25 overnight.

At $2.07, this marked the ADA’s highest price since May 18 and the start of the cross-crypto pricing route generated by China’s mining shakeup.

The move was accompanied by impending tech updates, notably smart contracts in Cardano, something popular broker Lark Davis described as a “very optimistic catalyst.”

“Just 6X would give you the same market capitalization as Ethereum,” he noted, predicting potential gains of “several hundred percent” once the smart contract feature goes live.

“Maybe one day Cardano will do it 50 times, but it’s not very likely in the short term, considering the market capitalization.”

ADA was, therefore, the second best performance of the day, only behind The Graph (GRT).

Bitcoin still struggles with sellers

As reported by Cointelegraph, Cardano is not alone in battling major resistance levels this week.

Related: Ethereum price drops below $3,000, but ETH options data reflects optimism

Bitcoin (BTC), fresh out of a solid run that saw it preserve $40,000 as new support, continues to focus on $47,000, a huge sales barrier that has so far kept $50,000 out of reach.

Optimism, in turn, remains high regarding the potential earnings return among decentralized financial tokens after several months of poor performance.

Source: cointelgraph

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