(Updated May 26, 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 May 26, 2020
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.
The analyst says that Cardano has been doing well this year, better than BTC in terms of returns. Since its one of those projects that has lots of potential. As shown on this chart, is being supported by 2 key levels.
a) Macro trend line\fib level and
b) the fib. level.
This is why we had a good bounce and with a nice short opportunity.
Note: the 10/21 ribbon (blue) on the daily and underneath, the 50 (black line)
How high willgo on this impulse, that will be with the follow up postings. The analyst says he will need to update this post after looking at the the 15min chart and see what formation is likely to take.
Since BTC is , but not enough to break the top this round, looking at the 8100 to 8350 range to do it, which still gives us a lower high and keeps the trend in place.
The analyst sees with the same lens\perspective, will reciprocate the trend movements of BTC but with better magnitude up and down.
on the daily still with downwards momentum as per the chart below, highlighted by the indicator on the right of it. If was to pullback to the BOOST fib combination, he thinks this combination will be likely the lower high level to break the top.
We can however also have the 0.5 fib retracement.
The 50 looks like it will move to the line, the BOOST zone.
The at the same time, has alignment potentially with the 21 daily hich can act as the major entrance point as well.
In conclusion the analyst says that he can’t make a forecast until he sees reversal signs on the and other indicators to say which fib level it is (on the daily).
The analyst sees a potential accumulation zone with the target for this trade is the previous horizontal range, valid entry under 0.00000700.
Entry = 0.00000502
SL = 0.00000389
TP = 0.00001036
The analyst believes we have a symmetrical pattern since there is;
- Abounce at 2ema on the
- A new immediate support at 561-530s
Therefore if the current price levels will hold we could expect the price to travel inside this symmetrical triangle. A break of this pattern is within 2-3 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 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.