(Updated October 31, 2019)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
Cardano has made waves in the cryptocurrency market as one of the most exciting and intriguing digital currencies since launch. Below are some expert opinions on why the coin’s price is likely to rise.
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.
A panel of 10 fintech leaders also gave their prediction regarding Cardano’s price. The panelists predicted the movements of 13 coins, including Cardano. They predicted that Cardano would increase to $0.14 by December this year, this is about 260% from the price at that time. The panelists are quite optimistic about the coin’s price.
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 $0.041 after a -2.46% change over the past 24 hours with a market cap of over $1 billion. Recently, ADA was moving towards $0.1 after trading at $0.098 but failed to sustain the bullish run.
However, after shelly activation, analysts expect to see some positive movement for ADA, which could push its price past $0.1 and even above $0.5 by the end of the year.
Could ADA Reach $.50 By The End Of The Year?
Going by the recent trend in the crypto market, almost every digital currency is gaining in value, some have risen greatly while others seem to be warming up for the imminent market bulls. Regarding the above statement, given that Shelley upgrade will be taking place within this month, expect the price of ADA to react positively. According to Charles Hoskinson, the upgrade will make Cardano 100x more decentralized than Bitcoin.
Also, irrespective of its present value, Cardano is presenting some inventions to the blockchain sector that cannot be ignored. For instance, Cardano is one of the few cryptocurrencies with a strong team of scientists and developers reviewing and striving to enhance the project. Any crypto expert will agree with me that this is what makes a currency to be reliable.
With the release of IELE, which is set to offer the use of smart contract technology to the Cardano blockchain simplifying the process of dApp invention, ADA is projected to become more popular among crypto enthusiasts and investors.
Cardano (ADA) Price Prediction – A Technical Outlook
The analyst thinks that the last line of the ADA is 0.101782.
However, he also believes that from the perspective of people who really like ADA , the last line is 0.056899.
Therefore, he expects ADA to move away from the downtrend, which is likely around 14 October.
If you keep the price range above the price of 0.056899, you will have a good result next year.
The turning point for the upward trend is 0.134328.
The strength of the upcoming Altcoin bull market is expected to have a significant impact on next year’s rise.
Price stuttered to hold around July 16th to continue bullish and went into an accumulation pattern for more support down to $.045. He believes that we will probably test $.04 before we head back up or even go as low as $.03 – $.0275 making a double bottom with a slightly higher right bottom giving bulls support.
If so, we will be back into our original buy zone from Feb of this year where he finds the best prices to be for bulls on this project. The analyst concludes that we need a nice break of that daily downtrend before we think about jumping in on a buy.
Possible ADA Bull run?
It seems like the entire cryptocurrency market has went through a healthy correction. It also seems like Bitcoin has very strong support and has not broken $9,000 yet. If 2017 repeats, that means the entire market will flourish with Bitcoin. Some believe that once Bitcoin takes off, altcoins will fall. But, looking at the 2017 bull run, you can see that was not true. At least not correct for the top 20-cryptocurrencies. So, what do we have here with ADA?
Possible Price Moves
Those who are bullish on Cardano, are advised to wait for price action to get down to the lower trendline support, from where long trades can be initiated. However, this may take some time to occur. This is because there is a minor horizontal support at the $0.08 mark. So a downward price move may stall at this area before it continues to the lower trendline.
The current sentiment, however, is for prices to retreat from current levels. This is because the presence of a bearish pinbar at a resistance trendline is a lot more indicative of an impending sell-off, which will push prices lower. But when the upside breakout that is expected of the present setup does finally occur, traders can also re-enter on a pull back to the broken resistance, in order to ride the asset upwards.
Here is the long-term, medium-term and short-term outlook of the ADA/USD pair:
· Long-Term – bullish
· Mid-term – bullish
· Short-term – Bullish
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, heading toward a year-end price somewhere between $.15 and $.3. The latter seems to be a high side.