(Updated July 17, 2021) 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 around 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 founder of the Cardano cryptocurrency, Charles Hoskinson, is also a key figure that ADA holders and investors should follow. He is usually providing valuable information about the development of Cardano price and its evolution.
Experts’ Opinion On Why Cardano Price Will Rise
This year will be bright for ADA, and we expect the coin to surge upwards to reach the $1 mark. You have to go back to the 2017 bull market to find the last time ADA was trading at that price. With Shelly launched, up next its Goguen, which could be released in 2020. It involves designing IELE, a virtual machine that could end up as the foundation for future blockchain projects.
Mr. Vyas sees the price rising to $5 in the next few years if the platform achieves all its development goals by developing network layers from Bryon phase to Voltaire phase. Cardano price is influenced by these types of things.
However, not everyone is very positive on the price of ADA as an automated forecasting site, which uses technical analysis of the coin’s price history predicts that the value of Cardano will be $0.016 by the end of 2020. The site adds that trend reversal is only expected at the beginning of 2023. While this is possible, we see it highly unlikely unless Cardano fails to achieve its milestones.
In an interview with Finance Magnate, Charles Hoskinson stated that the coin’s position in the market has been earned by popular opinion. He added that people take their bets, they analyze the science, they look at the platform’s team, they look at the developments and progress made, as well as how the firm is going about its business, and they bet that Cardano is a contender. He further stated that in no time, the coin would be pound-for-pound better than the leading currencies.
According to TheOofy.com, the coin’s price might increase following an event in Japan, where three companies will start building on Cardano blockchain system. This has also a large impact on Cardano price.
It is worth taking into consideration that the ADA cryptocurrency has expanded so much during the last few years that it has many times surpassed Litecoin as one of the most valuable virtual currencies in the world.
However, ADA tends to follow the general market trend. This is why it is always important to follow the entire crypto market and understand how its price could be affected. Despite that, new and unique partnerships with other companies and firms are going to have a positive impact on Cardano and the price of the ADA virtual currency.
For example, one of the companies that have added support to the ADA virtual currency is the online travel agency Travala.com. Now, users can acquire hotels and flights with their favourite cryptocurrency. This shows that Cardano is in good shape and moving fast.
IOHK is also now working day after day in order to provide more funding to Cardano and ADA developers to expand the network’s use cases and how it could help companies and developers all over the world. If you use to follow Cardano price, then you should always closely understand what IOHK is doing.
Meanwhile, the expansion of the Cardano Price continues to attract new investors and help the entire ecosystem expand.
The Current Price of Cardano
Cardano is currently trading at $0.05 after a 7% change over the past 24 hours with a market cap of over $1.4 billion. Recently, ADA was moving towards $0.1 after trading at $0.098 but failed to sustain the bullish run.
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Cardano (ADA) Price Prediction TradingView Analysis Updated July 17, 2021
As we see, ADA has fallen by around 23% in just two weeks to break the mid-term trend. At the same time, the MACD has been coiling sideways, as shown by the analyst. The cryptocurrency has been bearish for several weeks now and the market has also shown little to no bullish action.
Moreover, the expert shows that the virtual currency has also been stuck in a descending channel that started on July 5th. Although the price has bound off each trend sharply, it cannot be broken. The next major support for ADA is at 1.09 USDT, which can be achieved if ADA continues moving downwards.
We now focus on the ADAUSDT trading pair on the 4-hour chart and the analyst sees that most of the coins are on a corrective structure. This applies not only to Cardano but also to many others. Cardano has finished a wave 3 at around 2.47 USDT per coin and then it started a wave number 3. Now, there is a zig-zag that has been going on for 47 days. The wave four might not be close to an end yet.
As the expert shows, the microwave 4 of microwave C of main wave 4 will rest on time. The resistance zones include 1.42 USDT, 1.59 USDT. 1.76 USDT and 1.928 USDT.
Let’s continue with the ADA virtual currency and how the analyst shows that ADA has been recently quiet despite Hoskinson’s interview with Lex Friedman. However, he goes into the details of this interview explaining that it is reassuring to see the quality of the Cardano community, but specifically its founder.
In the charts, the analyst shows that Cardano is now at a support level close to $1.40 per coin and that is supporting the price of this digital asset. However, it would be definitely important to understand how the entire market continues to operate in the coming days and see which is the effect this could have on ADA.
The expert shows that in the charts there are some Elliott Waves describing the situation of the ADA/USDT trading pair. As he explains, the Elliott Wave theory shows that we are in the 4th wave after finishing the 3rd one. Furthermore, he stated that after the correction wave (ABCDE) finish, there would be a downtrend to the 1.1088 USDT price per ADA.
In addition to it, the expert says that it might be possible to open a short position if the digital currency breaks the triangle that has formed in the chart. This could be a good moment to combine it with a good fundamental analysis and understand how other virtual currencies are behaving.
For the ADA/USDT trading pair, the analyst shows that we could be moving to the $1 support level that has been working as support for the last months and during 2021. The resistance levels that we find now include $1.465, and $2. The region of $1.465 and $1.509 are very important to understand where this virtual currency will be traded in the coming days.
The entire cryptocurrency market has experienced a strong price contraction in recent days after a lot of FUD spread regarding Tesla, the environmental effects of Bitcoin mining and China mining Bitcoin and eventually mining activities.
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Cardano Price 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. Cardano price is influenced by many things, as we have mentioned in this post.
If we see Bitcoin recover and head back to levels above $10,000, it should also boost Cardano back to levels where it sees 2-4x price returns, the price has the potential to rise to $.15 and $.3 level. The latter seems to be a high side.