(Updated August 1, 2020) 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.
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.
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.
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.
Cardano (ADA) Price Prediction TradingView Analysis Updated August 1, 2020
ADAUSDT is experiencing important moments as the digital currency is now a completely decentralized network in the market with its Shelley release.
From a technical point of view, we see that ADA has been moving higher with a perfect channel in which the bottom and top boundaries of the channel were tested many times. As the market continues to move higher, the trend could continue and reach 0.20 USDT in the coming days and weeks.
The analyst considers that not only 0.20 but also 0.21 in the next few weeks. This could be related to exchanges swallowing ADA from traders that want to stake their funds.
ADA is also currently in a moment in which it could continue falling if the market moves downward. As we can see, the virtual currency can retrace to $0.0811 and $0.075 region. This could be related to the fact that it has experienced a massive bull run in recent days and it also the RSI is showing overbought conditions.
The next level shown by the trader is the 0.5 Fibonacci retracement level that can be certainly used to understand which are good support and resistance levels to enter or exit a trade. This retracement could come in the form of an ABC.
This ADA analyst was able to correctly predict a falling wedge that broke towards the upside and that allowed the ADA digital currency to reach the resistance level of $0.10177. This is a very important thing to notice, considering ADA has been in a bull market in recent days due to the Shelley-related announcements.
In addition to it, the RSI was showing it was in the second-lowest point this month, which means that there could be some sort of break out of the current falling wedge. It will be definitely important to see how ADA continues growing and eventually surpassing Litecoin in the coming days.
Regarding the ADA/USDT trading pair, we see that the digital currency has followed the entire crypto market in the recent fall that it experienced a few days ago. The main question is whether we will continue moving with the entire market in the coming days.
ADA seems to be in a triangle that could be bullish for the digital currency if it breaks higher. That being said, we need to understand that the whole crypto market is very volatile and the future of ADA is certainly tied to Bitcoin (BTC) and other virtual currencies rather than depending on its own trend.
For the ADA/USDT trading pair, we had a clear confirmation that the current drop was close to happening. Indeed, most of the digital assets experienced a similar trend over the last few days.
This is why they broke below the current upward trend they were moving and the next target could be to test the region close to $0.0505 for ADA. This may take some days or simply move sidelines until it reaches $0.0512 or $0.0543 in the coming days.
For the next weeks, the level to see is going to be the region just above $0.06.
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, the price has the potential to rise to $.15 and $.3 lavel. The latter seems to be a high side.