Cardano (ADA) is a cryptocurrency with a strong focus on privacy and decentralization. It is a fully open source project with many developers coming from the Bitcoin space. The project is led by a large development team. They intend to make Cardano a leader in the cryptocurrency space. They have many well funded projects in the works and have started to gain traction in the market.
What is Cardano? Cardano is a third generation blockchain which is open source and fully decentralized. The project started as a direct response to the lack of progress being made on the scalability and usability of Ethereum, and is intended to evolve into a smart contracts platform which will be far more scalable than both Ethereum and Bitcoin. Cardano is built upon the Haskell programming language, and is designed to scale to become the most decentralized and secure blockchain in the world.Summary of the situation
- The price outlook for Cardano underscores the ADA’s continued upward momentum.
- A sustained uptrend should take Cardano beyond the ascending triangle pattern.
- The current bullish movement in Cardano’s price is in favor of the bulls, according to critical technical indicators.
Judging by today’s trading session, it appears that Cardano is in an uptrend after the weak price action of the last two trading sessions. At the time of writing, ETH’s potential killer, ADA, is trading around $1,779 after an impressive rally.
Cardano price forecast: Price Overview
After being killed in the crypto-currency market crash on the 19th. With the price now at $1, Cardano is on a testing path to recover and return to the critical $2 price range. Despite this terrible track record, the cryptocurrency currently seems to be on the mend. At $1,779, Cardano certainly seems to be showing signs that its continued uptrend is getting traction. For example, the cryptocurrency has recently recorded high lows, indicating a potential price trend beyond the ascending triangle channel. Despite the positive movement in the Cardano price since the initial drop to $1 in May, the recovery has not been easy. As such, the crypto-currency ran into a critical resistance barrier around the $2 mark after its initial recovery attempt. This led to an almost immediate price correction. The cat-and-mouse game between the bulls and the bears continued, with the $1.8 resistance level playing a crucial role in slowing down the Cardano price action. Nevertheless, the bulls have become more determined and are trying to overcome this resistance barrier. On the 12 hour chart this can be explained by the current setups above and below.
Cardano price movement in the last 24 hours
Source: TradingView The emerging crypto asset of smart contracts is keeping market interest high after all the new additions to its platform. It is interesting to note that the x-axis of the ascending triangle was formed at the $1.8 horizontal resistance. Similarly, it was the higher floors that formed the hypotenuse, suggesting the Bulls are gaining ground. Usually the rising triangle pattern in technical analysis signals the beginning of a bullish campaign. In Cardano’s case, there will likely be a strong breakout before the trendlines touch. Despite this upside outlook, it would not be unusual to see low trading volume during the consolidation phase within the ascending triangle. Cardano is also expected to see price consolidation in the short term before moving to the main upside. This will be helped by an increase in trading volume, which is expected to push the price of the cryptocurrency towards $2.4.
Cardano 4-hour chart
Source: TradingView According to Cardano’s Relative Strength Index (RSI) and Moving Average Convergence (MACD) indicators, it is likely that the cryptocurrency will experience a price increase in the near term. The 4-hour chart shows that Cardano has recently returned to overbought territory, marking a positive price movement. The MACD technical indicator also shows that Cardano is bullish as the divergence is above the signal line. If the cryptocurrency maintains its current price movement, it will likely break through the $1.8 resistance level and head towards the $2.4 price target.
According to a number of crypto-currency experts, if Cardano maintains its current price movement, the crypto-currency could overcome important resistance levels and record a new all-time high around $5. With this price movement, Cardano becomes the 4th largest virtual asset in terms of market capitalization in the cryptocurrency market. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
Frequently Asked Questions
Can Cardano hit $10?
Cardano is a new crypto project that has been developed by a team of academics and researchers from the University of Tokyo. The focus of the project is to provide a fast, secure and scalable blockchain. In April 2017, the development team was joined by former Ethereum co-founder Charles Hoskinson and former IOHK Research Lead, Jeremy Wood. The official website is at https://www.cardano.org/. Cardano (ADA) is a brilliant project that is well on its way to becoming a top 10 cryptocurrency, with good fundamentals, strong team, and the most important thing, it has a bright future. But what about the price? So far, Cardano has shown a positive growth since its inception in September 2017, with a steady increase in the price, but the question is: where will ADA price be in 1 years? That is what we are trying to answer here.
Is Cardano a good investment 2020?
Cardano is one of the most innovative blockchain projects in the world. It has been highly anticipated by the cryptocurrency community and the general public alike. Cardano is a third generation blockchain project that seeks to bring the best features from Bitcoin and Ethereum to create a new platform for financial applications. The Cardano cryptocurrency is a proof of stake coin, meaning that the miners who run the network are the ones who hold the ADA coins. This means that the coins are very scarce, as they are the only ones with the right to allocate them to stakers, which is the name given to the people that hold the tokens. This means that the network is very resilient and that the price will go up.
What is Cardano worth in 2025?
Cardano is a cryptocurrency that was built on the Ethereum blockchain, but it is completely different from Ethereum, and it is vastly different from Bitcoin. Cardano will focus on stability and will actually have a $1 billion fund for research and development. Cardano is a decentralized public blockchain network that is fully open source. Cardano is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. It is built to be the most scalable blockchain technology in the world by being the first blockchain platform to integrate a scientific philosophy and a research-first driven approach. It is built to be the most scalable blockchain technology in the world by being the first blockchain platform to integrate a scientific philosophy and a research-first driven approach. It is built to be the most scalable blockchain technology in the world by being the first blockchain platform to integrate a scientific philosophy and a research-first driven approach.