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28 September 2021

Sell the news? ADA price drops 10% following Cardano's long-awaited smart contracts rollout

Sell the news? ADA price drops 10% following Cardano's long-awaited smart contracts rollout


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ADA price drops 10% following Cardano's long-awaited smart contracts rollout.

Cardano's drop appeared when its core foundation rolled out a long-awaited smart contracts feature on its public blockchain for the first time.

The launch expects to tap the booming decentralized finance (DeFi) and nonfungible token (NFT) sector as they grapple with slower and costlier transaction fees on the leading smart contracts platform, Ethereum.

As a result, anticipations for an extended upside boom in the ADA markets were high, with the Value Trend, a financial analyst at Seeking Alpha, expecting the Cardano native token to hit $10 should it flip Ethereum to become the leading smart contracts platform.

A drop below the Bull Flag support and 50-day EMA floor would risk sending ADA to $1.92, its support line from mid-August.

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cointelegraph.com
Market data feeds provided by cryptocompare.com
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