Cardano Price Prediction After Last Week Boost — On The Way To 50 Cents?

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 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 Current Price of Cardano

In the day following the listing the price of the coin jumped by 11 percent as of the time of writing. The market cap of ADA also increased to $1.3 billion. The altcoin is currently trading at $0.05 with a 24-hour trading volume of $49 million. You can see current prices on Coinmarketcap or the ADA trading page on Binance.

The 11 percent gain represents a four day high for that altcoin that has been gathering some momentum over the course of the week. Binance holds most of ADA’s trading volume with 27.26 percent which translates to $32.624 million. Upbit follows closely in second with $30.607 million.

ADA 3 Months

The coin has been appreciating in more momentum for the last few weeks, and even though ADA has plummeted by -50% during the past few months because of the continued sluggish market trends, with the latest upward trend, ADA has risen by 4% for a 24-hour period. Furthermore, the Cardano management announced the launch of IELE (a Cardano Virtual Machine), which allows Cardano customers to easily develop dApps through the Cardano blockchain.

More news for Cardano comes from the launch of the Infinito Wallet, as a superior replacement for the Daedalus wallet. The Infinito wallet is a mobile app which makes it far much easier to deposit and receive ADA tokens as well as view the transaction history. The Daedalus wallet has been criticized for being too cumbersome to use. The launch of the Infinito wallet will no doubt improve the adoption and usage of Cardano.

The Internet Online Hong Kong (IOHK) and the Cardano Foundation are rumored to be on the verge of inventing a widely accepted payment system of ADA, apart from teaming up on establishing solutions for some of the toughest challenges in the blockchain world.

Since ADA is among the top eleven major cryptocurrencies, a market recovery would surely boost its coin price along with BTC and ETH. The combination of an all-market increase and ADA’s technical advancements could propel the coin to serious multiples. We think it’s possible to see a 4-5x by the end of the year with these factors; but it won’t do it on its own. The entire market, lead by Bitcoin, will need to come.

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, on 21st September 2018, ADA rose by 12% in a period of 24 hours. This trend further boosted the currency’s value on the weekly chart by 19%.

If you take a keen look at the historical ADA charts, particularly the previous quarter of 2017, you will observe that a time like this last year, ADA was valued at around $0.020. The current price of ADA is $0.050, four times better than that of last year, but ten times lower than its all-time high.

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. This will further be reinforced by the release of Trezor hardware wallet in October, which will give more support to ADA.

With a successful implementation of these projects, ADA could bounce back to coin prices around the quarter of a dollar ($.25) mark. And that prediction was buoyed this week by the successful deployment of the platform’s 1.5 mainnet.

Upcoming Shelly Release

There is a lot of buzz surrounding Cardano at the moment and its proving instrumental to its price. The platform just deployed its 1.5 mainnet which means its closer to the release of Shelley and if the latest price action we have seen from of the altcoin is anything to go by then the release of Shelley will be massive for ADA’s price.

Shelley will make Cardano a truly decentralized blockchain and a powerful one at the same time. This is because it will be the first provable proof-of-stake blockchain whose security is at the same level as Bitcoin’s POW however without the energy issues that hamper the POW systems.

Also, the new protocol will make Cardano attractive to developers of dapps due to two vital features; security and being censorship resistant.

See our guide on how to buy ADA on Binance here.

Technical Outlook

Here is a LONG TradingView chart of Cardano by DanielAdam that indicates that the start of the ADA bull run may have begun and the last resistance could be at 1400.

ADABTC long

The analyst says that we have already witnessed the golden cross 50 MA over 200 MA on the daily since March 15 and today we have seen a bullish cross that confirms the uptrend.

Now there are only two resistances left one at the 1350 and the other at the 1375-1400 area to break. After this, there is no other serious resistance until the 1800-2000 levels. However, with the RSI so dangerously high, the analyst expects a pullback at least a cooling down on or after breaking the 1350 resistance level. But with Shelley, the Cardano summit and other significant updates around the corner the altcoin could be preparing to go to the moon.

Expert Analysis

According to an analyst at CRYPTOGLOBE, ADA is likely to rise but may face resistance at the $0.070 level. The coin has already broken out from the previous range of $0.040 and $0.045 to reach a high of $0.054. He also foresees the medium trend being bullish with resistance levels at $0.080, $0.090 and $0.100. The support levels: $0.050, $0.040, $0.030.

Also, ADA’s price is above the EMAs which signifies that it’s likely to rise. Lately, the coin’s price has been making higher highs and higher lows, so the bullish trend is ongoing if the trend line remains unbroken by the price.

If a candlestick is to break the trendline and another closes opposite it, the current trend will have been terminated. In the meantime, the stochastic seems to be in the overbought region but over the 80% range. It’s a clear indicator that the price of ADA is in a strong bullish momentum and a buy signal.

Market Sentiment

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.

For those interested, the easiest way to get Cardano ADA is to use Binance’s trading platform. BitMex also offers Cardano ADA trading as well as other other features like leveraged trading.

 

 

Credits: https://usethebitcoin.com

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