Key Takeaways:
- Market analyst Lark Davis predicted “the age of Cardano” ahead.
- Cardano successfully deployed smart contracts on the last testnet.
- The blockchain platform is preparing to launch the final upgrade in September.
- Meanwhile, ADA daily chart added 30 percent to their market valuation in a week.
YEREVAN (CoinChapter.com) – Independent market analyst Lark Davis believes Cardano, a decentralized public blockchain, has a bright future ahead of it. He cites the upcoming launch of smart contracts on the Cardano mainnet as the biggest “bullish catalyst” for its native token ADA.
In the following thread, the analyst further unfolded his views on the importance of smart contracts for the Cardano ecosystem. He stated that their absence was the primary thorn in the side of the platform’s supporters. However, with the complete update underway, the “age of Cardano [will be] upon us.”
Also read: Cardano (ADA) ascends 20% in 24 hours as rival Ether’s rally slows down.
Cardano Upgrade
As mentioned, the main upgrade to the blockchain will be the launch of smart contracts on the mainnet, which will possibly commence in September. In addition, Cardano launched the last testnet on August 6, opening the network for developers who wish to join and create dApps on the platform.
The upgrade’s roadmap marks the nearing end of Cardano’s Goguen era. The first two stages of the era, dubbed Alegra and Mary, were successful. The last one – Alonzo, is still in progress. The White and Blue phases of Alonzo dedicated their resources to developing and launching testnets.
The current Purple stage will result in the final deployment of smart contracts on the mainnet.
Cardano already has a niche but growing / thriving NFT market since it enabled the creation of simple tokens earlier this year. NFTs will be able to really take off on Cardano once smart contracts come on board as well since it will allow for decentralized markets.
asserted Mr. Davis.
Meanwhile, Cardano’s year-to-date gains stand at just under 1000 percent. Mr. Davis is convinced that the platform will be primed for more profit in the wake of the final upgrade. Its native token ADA also basked in the rays of a possible bullish future and packed over 30 percent gain in a week.
Also read: Cardano Founder Charles Hoskinson says Peter Bradt’s ADA prediction “makes no sense.”
ADA technicals
The digital asset broke the psychological resistance target at $2.00 and registered a two-month high of $2.03 in the European session Friday. The violent price action sent ADA’s relative strength index (RSI: purple graph) into overbought territory.
In hindsight, the RSI is an important indicator for traders as it reflects the coin’s overall momentum. When the RSI clocks higher than 70, traders might choose to lock their gains and withdraw further bets, sending the price into a downward correction.
Cardano’s upcoming upgrade might be fundamental enough to inspire investors’ confidence further and keep the price up despite the possible correction ahead.
Meanwhile, the next psychologically significant milestone for ADA is the all-time high of $2.46. The upcoming sessions will show if the digital asset can sustain the $2.00 level and possibly continue the uptrend.
Also read: XLM price rises 14% after Stellar announces Europe-Thailand remittance corridor.
