(Updated October 09, 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 October 09, 2021
Cardano (ADA) is currently unable to break the resistance level that was formed at around 2.35 USDT. Indeed, the digital asset is still being traded below that level. That means that if it breaks this resistance and holds above it, then it might be possible to see a new price move towards 2.7 USDT per coin.
It is also worth mentioning that the 3 USDT area is also a very important level of resistance for Cardano, and it might be difficult to break that level in the future. It is worth taking into consideration that the support levels for Cardano are currently at around 1.9 USDT and 2 USDT. Thus, it might be necessary for a breakout of the support and resistance areas before a clear direction gets drawn in the charts.
This Cardano (ADA) expert shows that ADA could move to the buying zone that is currently at 1.48 USDT per coin. However, ADA didn’t reach that level as of today. Everything would depend on how Evergrande fears spread around the world and how this could affect the market.
There is a massive value area that the analyst shows at 0.986 USDT and 1.487 USDT. This is also supported by the volume profile. As he explains, it is dangerous to now open a short trade as the market could now enter a phase of recovery or even a consolidation period. If the price corrects, the analyst is ready to open a new position.
The Cardano (ADA) virtual currency is now creating a new double-bottom partner that is known as a reversal pattern. This double bottom is currently at 2.20 USDT per coin. ADA has been growing over the last months as one of the most promising cryptocurrency projects in the market. 2.20 USDT is a very important level as it worked in the past as a strong resistance level but also as a support in recent weeks.
Now, the expert believes that we may see ADA moving higher in the near future as the bull trend continues in the market. The main catalysts for Cardano have been the recent release of smart contracts and the way in which they could change the crypto market.
For the ADA/USDT trading pair, this expert sees that the bullish trend for the digital asset has been “great so far.” This comes after several weeks in which announcements about the Cardano network were made. It is possible to see that prices have been in a bullish flag, as shown in the chart.
The analyst believes that if the 4th point is reached, then it might be possible for ADA to move even higher and reach 3.4 USDT per coin in the near future. This comes after a 5-movement that could end with ADA reaching new all-time highs in the near future and right before the announcement of smart contracts on the Cardano network.
Cardano (ADA) has been a hot topic in recent weeks as the price of the virtual currency exploded with the news of the official launch of smart contracts. On the 4-hour chart, the analyst shows that the RSI has retraced back into the neutral zone and the MACD has crossed bearish. Moreover, he said that a rally could continue very quickly (and this is indeed what happened).
On the daily chart, the expert sees that there has been a very indecisive red candlestick and a resistance zone that was been waiting to be confirmed as support close to 1.61 USDT. Despite that, ADA has moved higher in recent hours and it is now being traded close to 2 USDT per coin.
For Cardano (ADA), we see that there is a risk-taking increase that could grow in the near future. In the charts, the expert shows a wide range of Fibonacci levels. These levels seem to work as support and resistance levels. These are currently at 1.1984 USDT, 1.2167 USDT, 1.28 USDT and 1.2858 USDT.
At the same time, the analyst says that it might be possible for Cardano to continue in an uptrend channel in the next months and reach a price per coin of 1.60 USDT in September or even October. However, at 1.60 USDT there is a resistance level.
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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.