(Updated May 21, 2022) 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.
Cardano price in 2020 and 2021
Cardano has been a project that created a lot of interest among the cryptocurrency community. This is in this way because it has been able to add smart contracts and release a blockchain network to the market. This is something that required many years for Cardano and that the team behind it was able to achieve in 2021.
When it comes to Cardano’s price, we saw that it had a fast recovery in 2020 after the crash experienced in March. This was very positive as it allowed the virtual currency to attract new users and show that it was ready to release functional products and solutions to the cryptocurrency market.
In early 2021, with the bull market experienced by the entire crypto space, ADA was able to surpass $2 per coin (new all-time highs). This was very positive for Cardano and the whole ecosystem. However, this was not all. The coin was then able to experience a second leg up that pushed the price of ADA to almost $3 per coin. This is nowadays the highest point ever reached by Cardano.
In the last months of 2021, we see that Cardano has been in a bear trend, like most other digital currencies. ADA has retraced to $1.30 and it could continue to move lower in the coming weeks. It would be very important for this cryptocurrency project to show that it is ready to offer the services that it has promised. This would be very positive not only for Cardano but also for the entire cryptocurrency market, which is searching for better and unique solutions.
Buy & Trade Cardano (ADA) for yourself, it’s easy and low-fee on Binance
Cardano (ADA) Price Prediction TradingView Analysis Updated May 21, 2022
For the trading pair ADA/USDT, this analyst shows that Cardano has been moving higher in an ascending triangle that could break at any moment. This could push ADA to the next resistance level at 0.60 USDT per coin. If that level is then broken, it could be possible for Cardano to continue moving higher towards 0.655 USDT and 0.70 USDT per coin in the coming days.
The support level that the analyst shows in the chart is currently between 0.50 USDT and 0.55 USDT per coin. Therefore, it would be very important for Cardano to stay above the current price levels. Another thing to take into consideration is related to the fact that ADA follows the market. Therefore, it would be very positive for Cardano to enter a bull market with the whole crypto industry. Ignoring Bitcoin is not a good thing to do.
This analyst shows that Cardano could now be facing some strong resistance close to 0.91 USDT per coin. This could be a very important thing as this could make it difficult for this virtual currency to continue moving higher in the coming months. The analyst shows that there could be a third test of an ascending triangle that could take place “sooner or later.” That being said, we should also understand how the market behaves and whether Bitcoin (BTC) moves higher as well.
If that happens, we could see the virtual currency moving towards 2 USDT and even further. However, there are other important price levels that we should take into consideration. These price levels include 1 USDT, 1.1930 USDT and 1.4757 USDT per coin. Moreover, 1.89 USDT and 2.20 USDT are also very important price levels to take into consideration in the future.
This expert shows that Cardano has came to a mirror resistance level breaking through the 200MA on the 1-hour timeframe. Now, the virtual currency is moving in a tight range between 0.923 USDT and 0.975 USDT per coin. Moreover, there is a resistance level at 0.953 USDT per coin. As the analyst shows, there have also been different breakouts in recent weeks that pushed the coin below the 0.923 USDT lower boundary.
The analyst says that volumes declined and the 50MA and 100MA have formed a golden cross on the 1-hour timeframe. Furthermore, he expects a retest of the lower range boundary, a fixing above it and reaching a resistance level. Cardano has lost momentum after a very positive 2021. Following Bitcoin could be a very important thing in the near future as this could have an impact on Cardano and other digital currencies.
This expert analyst is showing that ADA is starting to move higher and is currently facing some resistance close to 1.25 USDT. This is one of the regions that we need to follow in the near future if we consider that Cardano could continue to move higher. This analyst sees ADA falling a little bit in the near future (even below 1 USDT), and then recovering and moving towards 1.25 USDT, 1.614 USDT and 1.946 USDT per coin in the coming months.
Therefore, the analyst says that he is expecting the price of this virtual currency to pull back before it resumes the potential new bullish trend. It is also worth taking into consideration that Bitcoin (BTC) is having a strong impact in the market. If it moves higher, then altcoins should follow. However, if it moves lower, then we could see ADA falling as well.
This analyst shows that Cardano (ADA) has been in a downtrend over the last few months. The coin has moved downwards since September and until now. We see that the descending channel is very clear and ADA found some support and resistance levels in recent weeks. The major support currently stands at 0.78 USDT and it could move higher towards the resistance area close to 1 USDT per coin.
Another thing to take into consideration is the next resistance level at 1.30 USDT. First, we need to see how ADA is able to break the current downtrend and then how it could move higher in the coming weeks. This would start a positive trend for ADA in the long term as shown by the analyst in the charts.
Buy & Trade Cardano (ADA) for yourself, it’s easy and low-fee on Binance
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.