(Updated January 02, 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 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.
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.
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.
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.
Cardano (ADA) Price Prediction TradingView Analysis Updated January 02, 2021
The analyst is bearish on ADA and the next days and weeks of this virtual currency. He considers that ADA is now in a support level and that if it does not hold it, we could see the virtual currency moving from $0.17 to $0.145. This could happen in a zigzag move downwards from where we are.
However, it is also possible for ADA to move towards the $0.20 region where the virtual currency will also find a resistance level. Considering the volatility in the market, this could happen in just a few days and traders must be prepared for both options.
The ADAUSDT analysis shows that we are at a key location right now in the market. The main points to consider are the following according to the analyst:
- Price Action Grind
- Local S/R Support (the 0.382 Fibonacci Confluence)
- Swing High Objective
- Oscillators Bullish Control Zone
- Declining Volume
The immediate price action for Cardano is moving towards key support levels.The trader considers that the ADAUSDT is a valid long at the moment. However, a setup should be properly placed. This includes using stop-loss and clear levels to avoid issues in case the market retraces and moves downwards for a short period of time.
For the ADA/USDT trading pair, the analyst considers that there is still a lot of upward pressure remaining in higher time frames. At the same time, he stated that there is still a “decent chance” of moving higher to $0.22 and then to $0.28 per coin.
The analyst is opening a long position at these levels and he believes that by the end of 2020 the aforementioned prices are going to be “a minimum” for ADA. Moreover, the recent developments on Cardano are also helping the digital currency and pushing the price of the ADA digital asset higher. However, this remains to be seen.
The ADA/USDT pair shows that we have surpassed a very important horizontal resistance level located close to 0.125 USDT. This would allow the digital currency to move towards 0.145 USDT in the near future, perhaps before December. In addition to it, before we experience the last move, we could retest the 0.125 region.
The next resistance level is currently at 0.145 and this could be very important to understand whether the digital currency could reach new all-time highs in the near future. The entire market is moving higher and altcoins are starting to follow BTC towards its new all-time high.
Cardano has had positive weeks since September. The analysis shows that ADA is sticking to the Fibonacci levels as key pivot points. In the weekly chart, the analyst sees the 21 EMA acting as resistance between the Fibonacci levels.
Moving into the daily chart, there is an ascending triangle that has lower highs following an ABCDE count in Elliott Terms. There could be a pullback to point E. The next level to where this digital asset could move is going to be close to 0.15 USDT per ADA. This is where the price of the digital currency was in July this year.
According to the analyst, ADAUSDT is representing a good buy opportunity upon break of short-term resistance level. This resistance level was currently at 0.10385 and it was able to work now as support in recent days. Now we see that ADA is moving towards 0.12519 and this could also be another resistance level for this virtual currency.
The current stop-loss that the trader is using is at 0.10399 USDT and he is following two different indicators. The RSI could continue growing on the 1-day chart and the MACD is still bullish for this virtual currency. Nonetheless, it may turn bearish in the next few weeks.
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 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.