(Updated January 15, 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 $0.04 after a 7% change over the past 24 hours with a market cap of over $860 million. Recently, ADA was moving towards $0.1 after trading at $0.098 but failed to sustain the bullish run.
Cardano (ADA) Price Prediction – A Technical Outlook
Pattern: Channel Up on 1D with the RSI sequence replicating the September 2018 – February 2019 consolidation pattern.
Signal: Bullish as this pattern led to an aggressive spike (confirmed by a Golden Cross).
Target: 0.000009 (just below the 0.382 Fibonacci retracement level as on the April top).
Price stuttered to hold around July 16th to continue bullish and went into an accumulation pattern for more support down to $.045. He believes that we will probably test $.04 before we head back up or even go as low as $.03 – $.0275 making a double bottom with a slightly higher right bottom giving bulls support.
If so, we will be back into our original buy zone from Feb of this year where he finds the best prices to be for bulls on this project. The analyst concludes that we need a nice break of that daily downtrend before we think about jumping in on a buy.
Possible ADA Bull run?
It seems like the entire cryptocurrency market has went through a healthy correction. It also seems like Bitcoin has very strong support and has not broken $9,000 yet. If 2017 repeats, that means the entire market will flourish with Bitcoin. Some believe that once Bitcoin takes off, altcoins will fall. But, looking at the 2017 bull run, you can see that was not true. At least not correct for the top 20-cryptocurrencies. So, what do we have here with ADA?
Possible Price Moves
Those who are bullish on Cardano, are advised to wait for price action to get down to the lower trendline support, from where long trades can be initiated. However, this may take some time to occur. This is because there is a minor horizontal support at the $0.08 mark. So a downward price move may stall at this area before it continues to the lower trendline.
The current sentiment, however, is for prices to retreat from current levels. This is because the presence of a bearish pinbar at a resistance trendline is a lot more indicative of an impending sell-off, which will push prices lower. But when the upside breakout that is expected of the present setup does finally occur, traders can also re-enter on a pull back to the broken resistance, in order to ride the asset upwards.
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, the price has the potential to rise to $.15 and $.3 lavel. The latter seems to be a high side.