(Updated October 24, 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.
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 October 24, 2020
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.
According to the trader, for the ADA digital asset in the ADAUSDT trading pair we see that we are at the moment in a reversal structure that could push the prices higher towards 0.10696 and continue moving towards 0.12701, which could help the virtual currency get closer to its local highs registered a few weeks ago.
Furthermore, he mentioned that the next target and strong resistance is at the WR weekly resistance level, which is the next fibonacci macro level. Nonetheless, the major targets for the weekly chart include higher prices such as 0.20 and 0.23 USDT per ADA.
The trader is providing a great update for the ADA/USDT on Binance. On different weekly time-frames, he considers that ADA is in a bullish trend in the long term (multi-year). The trader sees that there is a lot of positive energy for ADA to be moving higher in the coming weeks.
This bullish sentiment can be seen in every single weekly time frame. The trader is also seeing ADA for a long term investment using a dollar-cost averaging technique that would allow users to avoid entering at a top in the market. Currently, ADA is being traded around $0.094 per coin and it has surpassed Litecoin for a brief period of time.
The ADA/USDT trading pair is currently in a symmetrical triangle that could be both bullish or bearish according to the general sentiment of the crypto market and the macro economic situation.
The volume has been decreasing in recent weeks and this could be that we are getting closer to a possible breakout. This could be related due to a decreasing volume and not having space in the triangle for ADA to move higher or lower.
The digital currency could move to 0.106 or 0.08386 according to the analyst in the coming few weeks and days as the market continues operating.
For Cardano and the ADA/USDT trading pair, the analyst considers that the virtual currency has tested an important support area that worked as resistance in the past. This could allow ADA to move higher and reach a price of 0.20 in the coming months and years.
The digital currency seems to have made a retest of the neckline of double bottom and the target of the pattern is currently, as mentioned before, 0.20. According to the analyst the price of this virtual currency is expected to continue growing and reach the aforementioned target. The bullishness of the crypto market will be decisive for this to happen.
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.