(Updated August 13, 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 August 13, 2022
For ADA/USDT, the expert says that the virtual currency could continue to move lower after breaking below its ascending channel. This could happen if Bitcoin and the whole crypto market start to move lower in the near future, especially with Ethereum experiencing its blockchain update.
Target 2 shown by the analyst is currently at 0.52 USDT and target 1 is a support level that ranges between 0.54 USDT and 0.5474 USDT. We should see what could happen with this virtual currency always taking into consideration the general crypto market trend. This can give us an idea of what could happen to ADA and other virtual currencies as well in the next few weeks.
As per this cryptocurrency trading expert, ADA has formed two towers and then the market pushed its price down. As the analyst says, the price is falling heavily and we can expect the trend to continue in the near future. Moreover, the trader has also shared a sell scenario in which he would open a short to 0.446 USDT.
Nevertheless, the coin has broken above the resistance level at 0.4834 USDT and reached a price per coin of 0.54 USDT in recent hours. Therefore, it might be very important to understand what could happen in the near future with ADA and whether it will continue to follow the market in the next weeks. This virtual currency is among the largest but it highly depends on how Bitcoin (BTC) behaves, which is the one that moves the market.
For the ADA/USDT trading pair, this cryptocurrency analyst says that this coin looks like it could break support in the near future. If that happens, we could then see ADA moving lower towards 0.33 USDT in the near future, which could be something very negative for this digital asset that was traded close to 3 USDT at its peak in 2021.
It is also worth taking into consideration that this support level could be broken in the near future if the market continues to fall. This is what happened with Bitcoin in mid 2022 when the Terra ecosystem collapsed and it pushed all the cryptocurrency industry lower, including Cardano. Therefore, when analyzing a virtual currency it is very important to also look at the general situation in the cryptocurrency industry and how markets are working.
Cardano has been in a downtrend since mid-2021 when the virtual currency reached an all-time high of 3 USDT per coin. Then, it started a bear trend that pushed the digital asset to 0.75 USDT. The analyst shows that ADA has been in the upper part of this downtrend channel and that it has tested the middle of it many times in recent months.
Another thing to take into consideration is that the analyst believes that the virtual currency could continue moving lower in the coming months. This is due to the fact that we continue to be in a bear trend that started in 2021 and that could continue in the future. Despite that, there might be a possibility for ADA to recover and get back again above 1 USDT in 2022. As always, Bitcoin has a large influence on the crypto market.
This cryptocurrency analyst says that after the FED meeting Bitcoin and most altcoins tried moving higher. However, this did not last and the price came back to the same place as before the meeting. As he explains, it could be a good moment to try a long position with a stop-loss and with a small amount because there is no clear direction in the market.
At the same time, this ADA expert says that there will be the Shelly hard fork that could have an impact on price. We see that the take profit level for this expert is at 0.6171 USDT in the coming weeks in the 1-hour chart. Let’s not forget that Bitcoin and other virtual currencies continue to guide the market and could have an influence on how Cardano (ADA) behaves in the next few months against USDT.
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.