Connect with us

Cardano

Cardano Price Prediction – Will ADA Price Hit $10 in 2021?

Published

on

  • Bullish ADA price prediction ranges from $3.13 to $4.27.
  • The ADA price might also reach $10 soon.
  • Only one more day for Cardano’s Alonzo mainnet launch.
  • ADA bearish market price prediction for 2021 is $1.87.

This Cardano Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our ADA price analysis and prediction.

Cardano is one of the cryptocurrencies that continue to develop its ecosystem technology. It is considered one of the busiest platforms this year. As a result, ADA is one of the altcoins that investors eye in the crypto space.

Moreover, it seems like Cardano’s “Alonzo” upgrade has a significant impact on investor sentiment. Only one day away from Cardano’s Alonzo mainnet launch. Charles Hoskinson who is the CEO of Cardano mentioned in a tweet that ‘Tomorrow is the big day! We are entering a new Era of Cardano.’ In fact, the upgrade is about smart-contract features and addresses what critics have called one of the network’s most glaring deficiencies.

To add on, the price of ADA has surged over the past two months. This is mostly because of the successful Alonzo testnet launch and also the imminent arrival of the Alonzo mainnet hard fork.

Advertisement

Now that we’ve seen the developments of Cardano, will it be a profitable cryptocurrency in 2021? Let’s find out in this CoinQuora Cardano Price Analysis and Price Prediction 2021.

What is Cardano (ADA)?

Cardano is a blockchain-focus network that contains its own mainnet. Moreover, the crypto could perform all the things it thinks necessary for the network without any restrictions. Notably, when it comes to the development of the platform, Cardano is created by the Input-Output Hong Kong firm (IOHK). More so, Charles Hoskinson, BitShares developer and Ethereum Co-Founder, leads the said company.

In addition, the Cardano network aims on offering a platform for developers where they could create smart contracts and decentralized applications. Recently, Cardano upgraded to Goguen mainnet, which is a blockchain technology that offers token lock network features.

Advertisement

Added to this, ADA is the native cryptocurrency of Cardano. However, it functions as a means to pay for premium services on the platform. Added to this, users in the network could transfer and trade their funds utilizing various crypto exchanges such as Binance, Digifinex and Upbit to name a few. These coins can be safely kept in Daedalus, Cardano’s own crypto wallet.

Now that we already have an idea about what Cardano is, now let’s look into the price analysis of ADA.

ADA Current Market Status

ADA remains to be one of the most aggressive cryptocurrencies nowadays. According to CoinMarketCap, the ADA price is trading at $2.6. Notably, ADA was able to record an increased rate of almost 35% in the last 5-days.

Advertisement

In terms of its market standing, ADA market capitalization amounts to almost $85,194,064,871 with a 24-hour trading volume of over $7,865,096,756. As a result, the crypto ranks as one of the top 5 cryptocurrencies in CoinMarketCap. With all these achievements, we can say that ADA has come a long way in developing its technology throughout the years.

Now that you already have an idea about what ADA cryptocurrency is, do you think ADA is a good investment this year? If you are already excited to know, come, and together let us check this ADA price analysis and price prediction article.

Cardano Price Analysis 2021

Cardano continues to be one of the trusted digital assets in the crypto world. ADA ranks as one of the top 5 cryptocurrencies in CoinMarketCap.

Advertisement

Do you think this is enough to maintain Cardano’s uptrend position this year? Are you already curious? Therefore, join me and let us check the chart in this Cardano price analysis to find out.

ADA USDT Showing Ascending Channel Pattern
ADA/USDT Showing Ascending Channel Pattern (Source: TradingView)

Based on the chart above, Cardano positions itself along with the raging bulls. Today, ADA trades at a high price of $2.67.

In addition, we can see that Cardano recently performed an Ascending Channel pattern. An ascending channel is the price action that occurs in an upward direction through a rising parallel line. More so, the chart shows the Higher Highs and Higher Lows from this price pattern. In addition, this pattern represents a short-term bullish.

In other words, ADA is gearing itself for a possible bullish rally in the days to come. If this happens, the crypto might go beyond its resistance level and reach the bullish price. Of course, this is most likely to happen if the bullish market continues to reside with Cardano.

Advertisement

Conversely, if the bulls turn against the crypto, the price of ADA might fall. In short, Cardano might break out from its uptrend position and nosedive to a bearish price. Indeed, this price level is not a good picture in the eyes of the investors.

ADA USDT Relative Strength Index
ADA/USDT Relative Strength Index (Source: TradingView)

The Relative Strength Index (RSI) of Cardano (ADA) is at 56.52, indicating a nearly overbought state. With this in mind, traders, especially scalp and day traders, can trade with confidence without worrying about a major price reversal.

Let us also look down for the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of ADA.

ADA 30-day SMA and 50-day EMA (Source: TradingView)

Cardano is one of the potential cryptocurrencies this year. Since the start of 2021, ADA’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by consolidations, fluctuations, and corrections right away.

Cardano Price Prediction 2021

The Cardano network is one of the most active crypto this year in terms of technology development. Cardano announced that users will be able to deploy smart contracts once the Cardano hard fork occurs.

Advertisement

Do you think this is enough to make Cardano a profitable network to invest in 2021? Let’s head to the chart in this Cardano price prediction to check it out.

ADA/USDT Price Chart (Source: TradingView)

The crypto is showing strong bullish signals against the bears. In this graph, the crypto trades at a high price of $2.67 with a 5-days growth rate of over +35%. If this bullish trend continues, ADA might be able to break its $3.13 resistance level. It could even go further beyond $4.27 before the year ends and likely to reach $7 – $10 in 2021 if the market continues to favor crypto.

However, if the market turns against the crypto, ADA could experience price decline, an event in favor of the bears. This bearish event could trigger a price roll back below $2.46 and could even fall deeper to $2.026. In this case, the crypto must find a way to regain its composure and recover back to its bullish position. Otherwise, the bears might turn the support level to the new resistance level, an event not favorable to investors.

Moreover, Cardano is on its way to completing its third blockchain upgrade. If this becomes successful, the crypto is likely to go beyond $5 before 2021 ends. It could climb further to $10 in 2021 if ADA continues to win the trust of its investors.

Advertisement

Cardano Price Prediction 2022

If this bullish trend continues, Cardano will reach $12 by the end of 2022. Moreover, the first half of 2022 is going to show fast growth, up to $15. Then this rise will slow down, but no major falls are expected. With upcoming, partnerships, and developments reaching $12 is quite optimistic in the price point of view but undoubtedly feasible for the near future.

Cardano Price Prediction 2023

The price of Cardano can move even great heights, however reaching $18. Moreover, this is possible only if the market maintains its bullish trend. In addition, only if the cryptocurrency Cardano breaks past the psychological resistance level.

Cardano Price Prediction 2024

As per the latest upgrades, developments, Cardano price prediction, and new project forecasts of the platform. Moreover, this might boost the price of Cardano in the crypto market, and it will be the best investment as the price can spike and reach around $25.

Advertisement

Cardano Price Prediction 2025

In the next four years, Cardano prices could race up to $37. However, reaching this level could not be so difficult for Cardano as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that Cardano has a high possibility of reaching a new ATH soon in the next five years as per the prediction.

Conclusion

Cardano has a bright future ahead of it in 2021. With the ongoing developments happening within the Cardano ecosystem, as well as in the overall crypto market, we may see Cardano reach new heights.

Bullish Cardano price prediction 2021 is $5. It may even reach over $10 if investors have decided that Cardano is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

Advertisement

FAQ

Will ADA reach $10?

In terms of market position, Cardano has had a growth rate of over +650% in the past year. If this trend continues, there is a big chance that Cardano can reach the bullish price of $10.Is Cardano a good investment?

Cardano proved to be one of the active and busiest digital assets in the crypto world in the past year. With this in mind, it is wise to say that ADA is a good choice of investment.Is Cardano better than Ethereum?

Advertisement

In terms of technology and functions, ADA and ETH both have unique quality features. Therefore, it is too early to tell which one is better than the other.What will be the Cardano price by 2022?

Cardano (ADA) price is expected to reach $15 by 2022.What will be the Cardano price by 2023?

Cardano (ADA) price is expected to reach $18 by 2023.What will be the Cardano price by 2024?

Advertisement

Cardano (ADA) price is expected to reach $25 by 2024.What will be the Cardano price by 2025?

Cardano (ADA) price is expected to reach $37 by 2025.

News Source

Advertisement

Cardano

Cardano’s Hoskinson: ‘Winners of the future in the DeFi space are going to…’

Published

on

The age of DeFi is here. This sector of the cryptocurrency industry is raking in huge investments from all parts of the financial market while existing in a constantly evolving ecosystem. This, unarguably, has taken a toll on some networks struggling to keep up with the pace of development while others are looking at it as a capitalistic opportunity up for grabs.

Cardano, for instance, launched smart contract functionality earlier this year to prime the network for hosting DeFi applications. While its native token ADA saw unprecedented demand and growth in the days leading up to the Alonzo hard fork, its price action has been largely uneventful since, save for a loss of over 50%.

Its network activity, however, has seen a huge spike recently, and most of it can be attributed to its emergence as a viable DeFi contender.

Advertisement

But, what makes Cardano a suitable option for developers to build upon? Well, from the horse’s mouth itself, it’s because of “their vision for the future.” In a recent interview, Cardano founder Charles Hoskinson noted that while the open cryptocurrency movements had started as being open source and decentralized, most networks want to lock users into their protocols and tokens, “which is crazy.”

Instead, he says, cross-chain is the way to go for DeFi, where networks would be open to interacting with one another. He added,

“The winners of the future in the DeFi space are going to have liquidity and interoperability, the ability to move multi-chain.”

He also praised networks like Chainlink that are not putting “all their eggs in one basket like Ethereum,” but are instead working towards this goal. Chainlink recently launched its Cross-Chain Interoperability Protocol (CCIP), which it has called a “new global standard for decentralized inter-blockchain messaging, data and token movements.”

Advertisement

The network also recently surpassed $75 million in total value secured – A sign of the growing importance of multichain protocols.

The Cardano and Ethereum networks have also been connected through a recently launched cross-chain which allows users to migrate their NFTs between the two.

According to the exec, in the coming years, Layer 2 protocols will be witnessing all the action as a majority of the interaction will take place there while L-1s will be used as “a proof checker and a settlement of last resort.” He added,

Advertisement

“We saw that future and we designed the extended UTXO model, Hydra, our side chain model, and all these other things to accommodate that future and if dApps are going to live there, I think they could live there very comfortably.”

On the topic of dApps, Hoskinson also noted that a coherent way of curating dApps is of prime importance at the moment. Here, users can ideally check and verify the applications such as in the case of Google or Apple’s applications stores.

“You have to make discoverability of dApps really easy, then you can get mass market, you can get millions to billions of users very quickly in the developed world.”

Apart from Cardano, protocols like DappRadar are also working towards a one-point solution for dApp navigation.

News Source

Advertisement
Continue Reading

Cardano

Cardano Price Correction May Be Over, ADA Price Could Ignite Soon!

Published

on

As the crypto space is flipping from the bearish divergence, a slight recovery from the previous losses is witnessed. Cardano on the other hand showcased an immense bullish trend that may help the asset to reignite the bull run. In the present scenario, the ADA price rally gathers immense strength as the current flip appears to be more prominent. 

ADA price was comfortably trending around $2 with reduced volatility, however, the recent sell-offs just extracted a huge chunk of gains. And hence the support levels around $2 are currently major resistance levels for the asset. Therefore the ADA price is required to climb high beyond these levels to register a notable uptrend.

As mentioned in the chart, the ADA price trended within the descending channel and about to test the upper resistance line. No doubt the asset attempted to break the downtrend a couple of times before, yet failed and collapsed to the middle levels. However, with a notable green candle, the asset successfully flipped the bearish trend. But still, the descending channel needs to be broken which is a challenging task. 

The asset is consolidating very close to the resistance levels. The trading volume also has risen considerably by more than 40% registering more than $2 billion. Interestingly, the MACD showcases a notable buying pressure building and hence the upper levels may be broken any time from now. On the other RSI in the 4hr chart is trending below 55 from more than 10 days indicating a healthy accumulation. 

Advertisement

Collectively, the Cardano price may range high in the coming days, however, it’s mandatory for the asset to test the crucial resistance around $2. Amid the gearing up of bullish trends, the ADA price may attempt to smash $2 at the earliest in order to range beyond $3 soon. 

News Source

Advertisement
Continue Reading

Cardano

Why Cardano network activity is increasing and how it will affect ADA price

Published

on

  • Cardano price action has been uneventful in the past few weeks as the token continues to slide, creating lower lows.
  • However, the protocol’s network activity has increased as a flurry of Dapps joins the blockchain.
  • The Ethereum-killer’s price would need to reclaim $1.64 to kickstart a recovery.

Although Cardano price has continued to drop since the Alonzo hard fork launch, the protocol’s network activity has continued to increase. Analysts argue that the Ethereum-killer could be the most legitimate alternative to the existing ETH ecosystem. 

DeFi to drive increased demand for ADA

The cryptocurrency community has long pitted Cardano against Ethereum as competitors. Romain Pellerin, the chief technology officer at Input Output stated that Cardano would be “on par with Ethereum” once smart contracts were launched, with a reduced carbon footprint.

The founder of Cardano, Charles Hoskinson previously argued that Tesla should accept ADA for payment after Elon Musk stated that his company would halt Bitcoin payments due to the leading cryptocurrency’s harm to the environment caused by mining operations. Due to the fact that Cardano runs on proof-of-stake, it does not require high levels of energy consumption, unlike BTC and Ethereum.

Cardano price has proceeded with sliding further following the Alonzo hard fork, while the top two cryptocurrencies by market capitalization registered new  all-time highs in the past two months.

Advertisement

The Ethereum-killer has not reached new highs since September, and the launch of smart contracts did not seem to have much of an effect on boosting Cardano price higher.

Cardano’s network activity has continued to increase as the blockchain has allowed users to create decentralized applications (Dapps) on its network. Some of the projects in development currently include NFT marketplace THEOs and Indigo Protocol which allows participants to trade real-world assets on the blockchain.

ADA network activity

Cardano network activity

While Ethereum would still need months before it can fully transition to a proof-of-stake consensus mechanism, Cardano has already been running successfully on this type of algorithm.

Advertisement

As Cardano has grown immensely over the past year in transaction volume and market capitalization, it could easily have an edge over Ethereum. 

Hoskinson recently argued that since Cardano is a future proof design and that the development team is “systematically building towards it together with the strongest and most engaged community brick by brick,” there does not need to be a “magical Cardano 2 to survive.”

According to prominent analyst Lark Davis, it is about time for “Cardano to start taking off again,” as a lot of development in the DeFi industry is about to kick-off, including Ardana and Sundae Swap, which he stated will “drive increased demand for ADA.”

Advertisement

Cardano price aims to tackle $1.64 next to kickstart recovery

Cardano price has formed a descending parallel channel on the 4-hour chart, as ADA has been unable to create higher highs. It appears that the Ethereum-killer is aiming to kickstart recovery as it sliced above the 21 four-hour Simple Moving Average (SMA) at $1.56.

The next area of resistance for Cardano price will emerge at the June 15 high at $1.61, near the upper boundary of the prevailing chart pattern. If ADA manages to break above this level, it could signal a bounce for the token’s price.

The following hurdle for Cardano price will appear at the 50 four-hour SMA at $1.67, then at the 38.2% Fibonacci retracement level at $1.78. Bigger aspirations will target the 100 four-hour SMA at $1.81 before facing a stiff headwind at $1.89 where the 50% retracement level and resistance line given by the Momentum Reversal Indicator (MRI) coincide.

Advertisement
ADAUSDT

ADA/USDT 4-hour chart

If selling pressure increases, Cardano price will discover immediate support at the middle boundary of the governing technical pattern at $1.55, where the 21 four-hour SMA also sits. If ADA continues to drop lower, the July 4 high at $1.49 will act as the next line of defense for the token.

News Source

Advertisement
Continue Reading