Connect with us

Cardano

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

Published

on

  • Bullish ADA price prediction ranges from $2.36 to $4.03.
  • The ADA price might also reach $10 soon.
  • ADA bearish market price prediction for 2021 is $1.9.

This Cardano (ADA) 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. 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. 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.

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.

Advertisement

What is Cardano (ADA)?

Cardano is a blockchain-focused network that runs 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.

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, Upbit, and Digifinex to name a few. These coins can be safely kept in Daedalus, Cardano’s own crypto wallet.

Advertisement

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

Technical Aspects of Cardano (ADA)

Cardano is being developed in five phases in order to achieve its goal of creating a development platform with a multi-asset ledger and verifiable smart contracts for decentralized apps (DApps). The five phases are each named after influential historical figures, and together they are known as eras. Here is a list of the five phases:

Byron (Foundation)

Cardano’s Phase 1 or Byron was released in September 2017 and was the first release for the general public. In addition, the company launched the Daedalus desktop wallet and the ADA cryptocurrency.

Advertisement

Shelley (Decentralization)

In the second stage, everyone could participate in the verification process of Cardano transactions, which made it decentralized. Shelley officially began in June 2020.

Goguen (Smart Contracts)

In the third era of Cardano, smart contracts and decentralized applications will be offered. The Alonzo upgrade launch represents the roadmap of the Cardano Goguen era. Alonzo upgrade was launched in August 2021.

Basho (Scaling)

Basho aims to add sidechains to Cardano in order to scale it even further. As a result, the main blockchain will be split up into a number of smaller chains called shards.

Advertisement

Voltaire (Governance)

The long-term goal of Cardano is to build an autonomous system independent of IOHK, its parent company. In the following weeks, Voltaire will launch a full-fledged governance system that users can use to decide on new features. When the first phase is completed, Cardano will subsequently be able to build a truly decentralized platform.

Cardano (ADA) Current Market Status

ADA remains to be one of the most aggressive cryptocurrencies nowadays. According to CoinMarketCap, the ADA price is trading at $1.98. Notably, ADA was able to record a decreased rate of almost 0.61% in the last 24-hours.

In terms of its market standing, ADA market capitalization amounts to almost $66,097,062,556 with a 24-hour trading volume of over $1,730,783,841. As a result, crypto ranks as one of the top 10 cryptocurrencies in CoinMarketCap. With all these achievements, we can say that ADA has come a long way in developing its technology throughout the years.

Advertisement

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 (ADA) Price Analysis 2021

Cardano continues to be one of the trusted digital assets in the crypto world. ADA ranks as one of the top 10 cryptocurrencies in CoinMarketCap.

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.

Advertisement
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 $1.99.

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.

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.

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

The Relative Strength Index (RSI) of Cardano (ADA) is at 54.45, 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
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 (ADA) 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.

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.

Advertisement
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 $1.99 with a 1-year growth rate of over +2,000%. If this bullish trend continues, ADA might be able to break its $3.11 resistance level. It could even go further beyond $4.031 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 rollback below $1.9 and could even fall deeper to $0.98. 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.

Cardano (ADA) 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.

Advertisement

Cardano (ADA) 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 (ADA) 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.

Cardano (ADA) 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.

Advertisement

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.

FAQ

What is ADA?

Advertisement

Cardano is a blockchain-focused network that runs its own mainnet. Moreover, the crypto could perform all the things it thinks necessary for the network without any restrictions.Will ADA reach $10?

In terms of market position, Cardano has had a growth rate of over +2,000% 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 2022.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 2024.

News Source

Advertisement

Cardano

Cardano’s over 20% dip can be attributed to this factor

Published

on

Given the condition of the market on 4 December, it makes absolute sense for what is happening with Cardano. Well, interestingly Cardano is up with a lot of things on its network.

Are Cardano investors done for good?

Yes, the broader market is dipping. However, Cardano cannot hold this one instance alone as the reason why it is currently under $1.5.

Now, the development on the network has been consistently good, both on GitHub and in terms of DeFi. In fact, Cardano’s smart contract capability is being explored more and is looking good too. Some of the major Cardano protocols such as SundaeSwap, Genesis House, among others have been growing.

Advertisement

But on the spot front, ADA has been an eyesore for more than three months now. Most of the market observed some sort of rally either in October or November but Cardano has not been able to breach the $2.28 resistance since August, let alone mark a rally.

Since its last ATH, the altcoin has declined by over 53%.

Cardano price action | Source: TradingView – AMBCrypto

The most troublesome part is that its once hyper bullish community is slowly straying away from it. Cardano around August had the biggest social presence of any altcoin after Ethereum. Its social domination stood at 11%, but it has since plummeted down to 4% as of 4 November.

Cardano price action | Source: TradingView – AMBCrypto

Well, one can’t really hold investors responsible for moving out since they have seen nothing but losses for over three months. Notably, two million investors are worse off since they entered the market.

Cardano investors in loss | Source: Intotheblock – AMBCrypto

Considerably, the only active entity at this point are whales. Conducting transactions worth around $12 billion on an average daily, they are keeping the velocity in check.

Cardano large transactions | Source: Intotheblock – AMBCrypto

The one good exception could have been its recovered correlation with BTC. However, it came at such a surprising time; Bitcoin fell under $50k on 4 December, it took down ADA too.

Cardano correlation with Bitcoin | Source: Intotheblock – AMBCrypto

Thus, internally, Cardano needs to find more demand in order to stage an ATH-breaking recovery. Not many new investors have joined in over 10 days.

News Source

Advertisement
Continue Reading

Cardano

Cardano To Rise, Trader Encourages 2022 Cardano Investments

Published

on

  • A crypto trader expects Cardano to be parabolic in 2022.
  • He explains why Cardano will likely rise up in 2022.
  • He also shares his investment plans for 2022.

Trader Lukas Moore shares his piece on why Cardano (ADA) will be parabolic in 2022. He begins by explaining Cardano’s journey so far and goes on to explain why now is a great opportunity to invest in the asset.

To start off, he says that Cardano’s ecosystem has massive potential for 2022. Thus, he encourages traders to prepare themselves for an advantageous future. In fact, he highlights many opportunities that will present itself in the Cardano ecosystem for the coming year.

The article goes on to highlight the many highs of 2021. Indeed, there have been many new developments this year. To name a few, Solana’s layer 2 project, the rise of meme coins, and the emergence of metaverse projects.

However, one of the most important developments is the fact that Cardano released smart contracts. With this, users on the ecosystem could finally do more on the platform. Still, the network’s momentum is going much slower than investors expected.

Advertisement

This is why some projects and investors are switching track to Solana and other ecosystems. In contrast, true Cardano believers are staying put and eagerly awaiting for Cardano to explode. This is because Cardano has taken a more academic approach.

In order to not rush the project and deal with missteps, the project is slowly and steadily working its way up to meeting set milestones. So far, the team has delivered on every milestone it set and hasn’t faltered a single time.

Hence, while the build up to the final stage is slow, it is still on time, strong, and secure. Not to mention, the community is also steadily growing and more and more projects are making their way onto the platform.

Advertisement

Since the Alonzo mainnet launch, smart contracts can now be deployed on Cardano. Therefore, those with technical development skills are starting to build projects on Cardano. With more mainnet upgrades, this process will become even simpler, and more users will deploy their projects as well.        

Thereby, this analyst in particular is hedging his bets. He concludes the article with his plan to take risks on small-cap projects on Cardano. He believes that there are many short-term gains to be made and so Cardano will become a bull market in 2022.

News Source

Advertisement
Continue Reading

Cardano

Cardano Price Analysis: ADA drops 30 percent from the previous high, swift reversal to follow?

Published

on

  • Cardano price analysis is bullish today.
  • ADA/USD continued to move lower yesterday.
  • Support was found at $1.20 this morning.

Cardano price analysis is bullish today as we expect swift recovery after further downside was rejected at $1.20. Considering that bulls have pushed ADA/USD above $1.30 over the past hours, we expect a swift retest of upside later today.

Cardano Price Analysis: ADA drops 30 percent from the previous high, swift reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. Bitcoin and Ethereum saw a strong decline of 17.62 and 15.76 percent, respectively. Cardano (ADA) saw an even bigger drop as it currently has lost 19 percent for the day.

Cardano price movement in the last 24 hours: Cardano spikes to $1.20, sets strong lower low

ADA/USD traded in a range of $1.21 – $1.67, indicating extreme volatility in the market over the last 24 hours. Trading volume has increased by 13.19 percent, totaling $4.28 billion, while the total market cap trades around $45 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA looking to recover

On the 4-hour chart, we can see the Cardano price quickly pushing higher this morning as bears have finally given up.

Cardano Price Analysis: ADA drops 30 percent from the previous high, reversal to follow?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has seen strong bearish momentum over the past weeks. After ending November with a new low set around $1.416, ADA/USD saw a recovery at the beginning of the week.

After a quick spike to $1.60, a several-day consolidation followed until further upside was tested on the 2nd of December. A new swing high was set at $1.76, potentially indicating an upcoming major trend reversal forming.

Advertisement

However, Yesterday, the Cardano price saw bearish momentum take over, leading to previous low tested by the end of the day. Overnight, the selloff continued, leading ADA/USD to a lot more downside until the $1.20 mark offered to support this morning.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as we expect further recovery after further downside was rejected at $1.20. Therefore, ADA/USD will likely move to retest the previous support area as a resistance next. 

While waiting for Cardano to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

Advertisement

News Source

Continue Reading