ADA Reverses Most of Its Three-Month Losses

ADA hits $2 for the first time since May ahead of Cardano smart contract announcement. Cardano’s ADA token made a triumphant return to the $2 mark on Friday as weekly gains topped 50 percent.

Data from Cointelegraph Markets Pro and TradingView showed ADA/USD quickly shooting higher early Friday morning after overcoming heavy resistance.

At the time of writing, the pair circled $2.07 and was continuing to climb, gaining $0.25 overnight.

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

The move was accompanied by impending technological upgrades, notably smart contracts on Cardano, something popular trader Lark Davis described as a “very bullish catalyst.”

“A mere 6X would give it the same market cap as Ethereum,” he noted, forecasting potential gains of “several hundred percent” once the smart contract feature goes live.

“Maybe one day Cardano will 50X, but it is not super likely across short time frames considering the market cap.”
ADA was thus the second-best performer on the day, just behind The Graph (GRT).