(Updated April 10, 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.
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Cardano (ADA) Price Prediction TradingView Analysis Updated April 10, 2021
This ADA/USDT analysis is not simple but it shares a lot of valuable information about how the price of this cryptocurrency could eventually behave in the coming days and weeks. As we can see there is a Symmetrical Triangle with clear ABCDE points and a possibility of breaking upwards.
If that happens, then we could see the digital currency moving towards $1.80 from the current $1.20 level that became support for the virtual currency. This Cardano analyst considers that it is necessary to wait for the price to break the current triangle before moving higher. Additionally, he shows that there is a hidden bullish divergence on the MACD indicator.
As per the analyst, Cardano is currently moving in an ascending triangle pattern that has a hidden bullish divergence that is shown in the chart. In this way, the analyst considers that the price is about to pump and even break the triangle and increase as much as 0.50 USDT.
This could push Cardano out of the current ascending triangle. However, before doing so, there is a strong resistance that it needs to break. This resistance is close to 1.44 USDT per coin. If ADA breaks that level, then it could retest it and continue moving higher towards a new resistance level at 2.40 USDT. This is the projected level by the analyst.
In the very short term, the ADA cryptocurrency seems to have found a local low at around 1.03 USDT per coin. This value is working as a strong support level for the digital currency. It might be possible for it to continue moving higher in the last hours as we have seen that it has been doing.
The entry-level that the analyst shows in the chart is currently at 1.13 USDT on the Binance exchange. It might be possible for ADA to move in the coming days and hours to 1.21 USDT or 1.25 USDT. If that happens, then these would be the main targets of this analyst in the short term.
The analyst shows that Cardano has experienced incredible growth in the last year. The digital asset has registered gains of over 5,000%. Thus, this is something massive. The virtual currency has already broken its all-time high of 1.20 USDT and this could continue pushing the price even higher.
As reported by the analyst, before entering this trade, it is necessary for the price to close above the Entry line. Moreover, he said that higher time frames yield higher predictive power as well. In the chart, we see that there are two possible resistance levels for this virtual currency at 1.30 USDT and 1.50 USDT.
This ADA analyst is showing that ADA is experiencing a very interesting fractal that repeated just a few days ago. This fractal present in the 30 minutes chart appeared right before the last pump experienced by this virtual currency.
It might be possible for several companies to start acquiring Bitcoin and other virtual currencies. In addition to it, the Goguen upgrade is expected to be ready for March this year, so ADA could soon start running smart contracts and offering better services to users.
Furthermore, Ethereum has been facing some issues with its 2.0 release. Moreover, transaction fees are very high on the Ethereum network right now. Thus, Cardano could also start taking the lead in the market as the 4th largest virtual currency.
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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.