Following the recent bullish trend of the crypto space, we’ve prepared our Cardano price prediction for May 2021. As of this writing, Cardano is the seventh-largest cryptocurrency, with a market capitalization of $43,281,350,129. In the last 24 hours, it had a trading volume of $3,243,465,622. It has a circulating supply of 31,948,309,441 ADA and a maximum supply of 45 billion coins.
Cardano Price Prediction: Analysis
ADA started the year on a rather low note at $0.177 per unit. However, the cryptocurrency maintained an upward trend that peaked on February 19, when it went above a dollar per unit. On February 27, ADA made its all-time-high of $1.48. In the same month, ADA displaced other coins, such as Tether (USDT) and Binance Coin (BNB), to become the third-largest cryptocurrency by market size, coming only after Bitcoin and Ethereum.
In the entire March, ADA price stayed above one dollar. On April 14, ADA price peaked at $1.55, which is currently the new ATH for ADA.
Overall, since February 27, ADA price has been fluctuating, moving in a horizontal range without the bulls or the bears taking control. Towards the end of April, ADA was trading at about 42% above its lowest level for that week. With these figures in mind, we have an idea of how the coin might behave in the coming days. However, this Cardano price prediction looks at the coin’s recent performance and its recent developments.
For those who are interested in trading Cardano, here are the pivot, resistance, and support levels to watch, according to Walletinvestor:
- Resistance Level (R3): 1.412;
- Resistance Level (R2): 1.382;
- Resistance Level (R1): 1.355;
- Pivot Point: 1.325;
- Support Level (S1): 1.298;
- Support Level (S2): 1.268;
- Support Level (S3): 1.240.
Recent developments on the Cardano network can equally impact Cardano price prediction. Currently, the biggest news on the Cardano network is a major event in Africa, where the Ethiopian government declared its intention to deploy Cardano’s blockchain to track student performance.
During the event that happened in the past few days, Input-Output – the company that developed Cardano, struck a deal with the Ethiopian government to decentralize the education sector.
Ethiopia’s Ministry of Education will utilize Cardano’s technology to create a digital identity for five million secondary school students and 700,000 teachers. This project is part of Charles Hoskinson’s plan to decentralize Africa. If this comes to fruition, it could push ADA’s price further.
Similarly, a popular crypto trader, Lark Davis, recently opined that Cardano is one of the digital assets that are poised for great gains. According to Davis, the buzz around new smart contract platforms is set to grow. The establishment of smart contracts on the Cardano network is likely to create a boom of new projects, which could leave investors with impressive gains.
Cardano Price Prediction: Market Opinions
To get a better idea of how ADA might behave in the coming days, we have included market opinions from various analysts.
According to Walletinvestor, an online price forecasting service, Cardano’s price is likely to go up in the coming days. They opine that Cardano’s price might move from the current $1.35 to $1.5 in the coming days. They also suggest that Cardano is a reliable asset for investors, with a long-term earning potential of more than 70% in one year.
Digitalcoinprice predicts that Cardano’s price might close May at $2.14. They suggest that the lowest price of Cardano in the future could be $1.82 while the highest is $6.86. Their prediction is based on the coin’s historical data.
This site has some of the most realistic forecasts of Cardano’s price. Below are the maximum, minimum, and average ADA values for the entire month of May in 2021:
Previsioni Bitcoin, an Italian crypto forecasting service, expects the price of Cardano to increase in May 2021. They assume there will be mass adoption of ADA in the next months, which could push its price up the ladder. They expect the coin to have a strong capitalization that would give it a concrete value per coin boost.
Cardano Price Prediction: Verdict
Based on the technical analysis and the developments taking place in the DeFi space, Cardano’s price could maintain an upward trend for the better part of 2021. Importantly, the coin is good for solving issues of scalability and interoperability, which could push its value over the years. According to its previous and current performance trends, Cardano might not overtake Bitcoin, but it has a great potential for growth.