Cardano (ADA) first entered into the crypto world in September 2017. Since then, ADA has seen huge price movements—up to its all-time high and back down to 90% of that where it sits today. Within a period of four months after its launch, the value of ADA gained by 1,520%, and its market cap also rose to $18 billion.
The Cardano blockchain applies a scientific strategy with a methodology driven by research. The open source technique of ADA passes through a thorough peer assessment process conducted jointly by both scientists and inventors.
The Current Price of Cardano
In the day following the listing the price of the coin jumped by 9.65 percent as of the time of writing. The market cap of ADA also increased to $1.3 billion. The altcoin is currently trading at $0.0864 with a 24-hour trading volume of $183 million. You can see current prices on Coinmarketcap or the ADA trading page on Binance.
The 9.65 percent gain represents an increase from the one month low price of $0.059 from May 10th, 2019 but its still down on a monthly basis as Cardano almost touched $0.10 o April 3rd, 2019. The price at that moment was $0.097 which was also the ATH for 2019. The Cardano price lost almost 40% of its value compared to bitcoin since its all-time-high but due to the fact that bitcoin price grow to $8,000 – the price is still above the year’s average.
The coin has been appreciating in more momentum for the last few weeks, and even though ADA has plummeted by -50% during the past few months because of the continued sluggish market trends, with the latest upward trend, ADA has risen by 4% for a 24-hour period. Furthermore, the Cardano management announced the launch of IELE (a Cardano Virtual Machine), which allows Cardano customers to easily develop dApps through the Cardano blockchain.
More news for Cardano comes from the launch of the Infinito Wallet, as a superior replacement for the Daedalus wallet. The Infinito wallet is a mobile app which makes it far much easier to deposit and receive ADA tokens as well as view the transaction history. The Daedalus wallet has been criticized for being too cumbersome to use. The launch of the Infinito wallet will no doubt improve the adoption and usage of Cardano.
The Internet Online Hong Kong (IOHK) and the Cardano Foundation are rumored to be on the verge of inventing a widely accepted payment system of ADA, apart from teaming up on establishing solutions for some of the toughest challenges in the blockchain world.
Since ADA is among the top eleven major cryptocurrencies, a market recovery would surely boost its coin price along with BTC and ETH. The combination of an all-market increase and ADA’s technical advancements could propel the coin to serious multiples. We think it’s possible to see a 4-5x by the end of the year with these factors; but it won’t do it on its own. The entire market, lead by Bitcoin, will need to come.
Could ADA Reach $.50 By The End Of The Year?
Going by the recent trend in the crypto market, almost every digital currency is gaining in value, some have risen greatly while others seem to be warming up for the imminent market bulls. Regarding the above statement, on 21st September 2018, ADA rose by 12% in a period of 24 hours. This trend further boosted the currency’s value on the weekly chart by 19%.
If you take a keen look at the historical ADA charts, particularly the previous quarter of 2017, you will observe that a time like this last year, ADA was valued at around $0.020. The current price of ADA is $0.050, four times better than that of last year, but ten times lower than its all-time high.
Irrespective of its present value, Cardano is presenting some inventions to the blockchain sector that cannot be ignored. For instance, Cardano is one of the few cryptocurrencies with a strong team of scientists and developers reviewing and striving to enhance the project. Any crypto expert will agree with me that this is what makes a currency to be reliable.
With the release of IELE, which is set to offer the use of smart contract technology to the Cardano blockchain simplifying the process of dApp invention, ADA is projected to become more popular among crypto enthusiasts and investors. This will further be reinforced by the release of Trezor hardware wallet in October, which will give more support to ADA.
With a successful implementation of these projects, ADA could bounce back to coin prices around the quarter of a dollar ($.25) mark. And that prediction was buoyed this week by the successful deployment of the platform’s 1.5 mainnet.
Upcoming Shelly Release
There is a lot of buzz surrounding Cardano at the moment and its proving instrumental to its price. The platform just deployed its 1.5 mainnet which means its closer to the release of Shelley and if the latest price action we have seen from of the altcoin is anything to go by then the release of Shelley will be massive for ADA’s price.
Shelley will make Cardano a truly decentralized blockchain and a powerful one at the same time. This is because it will be the first provable proof-of-stake blockchain whose security is at the same level as Bitcoin’s POW however without the energy issues that hamper the POW systems.
Also, the new protocol will make Cardano attractive to developers of dapps due to two vital features; security and being censorship resistant.
See our guide on how to buy ADA on Binance here.
Cardano (ADA) Technical Analysis – Is The Cardano Price Going To Break $0.10 Soon? (Updated May 2019)
Here is a LONG TradingView chart of Cardano by DanielAdam that indicates that the start of the ADA bull run may have begun and the last resistance could be at 1400.
The analyst says that we have already witnessed the golden cross 50 MA over 200 MA on the daily since March 15 and today we have seen a bullish cross that confirms the uptrend.
Now there are only two resistances left one at the 1350 and the other at the 1375-1400 area to break. After this, there is no other serious resistance until the 1800-2000 levels. However, with the RSI so dangerously high, the analyst expects a pullback at least a cooling down on or after breaking the 1350 resistance level. But with Shelley, the Cardano summit and other significant updates around the corner the altcoin could be preparing to go to the moon.
Update: The analysis made by Daniel Adam on TradingView turned out to be true. Cardano increased to a top value of 1912 Satoshi. This is the equivalent of a 45%+ increase in BTC value since the tip was published. But where will the Cardano price go next?
At this point, a Cardano price prediction is extremely risky as the cryptocurrency decreased in ADA/BTC value. Considering the current ADA/BTC value, Crypto_DNA posted on 14th May 2019 a cardano price prediction where he believe that there’s a possibility of cardano doubling his price and reaching 1943 satoshi, 2616 and if everything goes well 4162.
Another TradingView trader, THETRADIST believe that ADA has touched the bottom for 2019 and the way forward is only higher. The analysis seems on point and we could probably see Cardano reaching those heights again, especially if everything will go well with Shelley. So far, everything is going well for Cardano. The managed to finish the integration with Ledger and the Ouroboros PoS is close.
On the Cardano price prediction for the ADA/USD pair, the opinion of the traders seems to be the same. DrDovetail thinks that a potential inverted head & shoulders could possible double cardano’s current price. He believes that there might be a few days until we’d see a confirmation of the bullish uptrend, but the price seems to go into the right direction.
Yuriy Bishko, a profesional trader posted 2 days ago a great analysis. On 13th May, Cardano broke the downward trend – whic his considered a powerful buy signal. He mentioned that the best place to entry on Cardano would be $0.068 – $0.069 – which didn’t really happen as after he posted the analysis Cardano started his uptrend movement.
The cardano price already touched its first goal of $0.081 and could possibly go for the second target of $0.090 – which was almost touched on May 15th, 2019. The 3rd target price is $0.103 and with the current bullish market evolution, it might happen faster than you’d think.
According to an analyst at CRYPTOGLOBE, ADA is likely to rise but may face resistance at the $0.070 level. The coin has already broken out from the previous range of $0.040 and $0.045 to reach a high of $0.054. He also foresees the medium trend being bullish with resistance levels at $0.080, $0.090 and $0.100. The support levels: $0.050, $0.040, $0.030.
Also, ADA’s price is above the EMAs which signifies that it’s likely to rise. Lately, the coin’s price has been making higher highs and higher lows, so the bullish trend is ongoing if the trend line remains unbroken by the price.
If a candlestick is to break the trendline and another closes opposite it, the current trend will have been terminated. In the meantime, the stochastic seems to be in the overbought region but over the 80% range. It’s a clear indicator that the price of ADA is in a strong bullish momentum and a buy signal.
Here is the long-term, medium-term and short-term outlook of the ADA/USD pair:
· Long-Term – bullish
· Mid-term – bullish
· Short-term – Bullish
Conclusion And Buying Cardano ADA
Cardano has been making progress during the bear market on its technical roadmap and its application to everyday use cases. That’s a good thing and should come to support the coin’s price if and when we see a full market recovery. Enthusiasts with Cardano’s possibilities have likely not faded as the coin’s price has fallen; so community and investor support should return with confidence.
If we see Bticoin recover and head back to levels above $10,000, it should also boost Cardano back to levels where it sees 2-4x price returns, heading toward a year-end price somewhere between $.15 and $.3. The latter seems to be a high side.