Cardano(ADA) strives to break $0.145 Resistance level: Technical Price analysis and Prediction 2018, 2020
Cardano(ADA), eighth largest cryptocurrency by market cap, is a coin that exhibited excellent progress since its launch. ADA prices have a history of resisting a bearish market and is known to progress despite slumps in the crypto market. However, the prices have shown a downtrend the past month coinciding with the performance of the crypto market. Although, the current trendline doesn’t look promising many investors are bullish on Cardano and believe that the coin can achieve new highs.
Cardano Price Today
ADA is currently trading at $0.142 against USD and has experienced a 0.91% hike in the past 24 hours. The current market cap is estimated at $3.6 billion and the trading volume is around $1 million. The significant area of trading for today is 0.13 to 0.14. The key resistance level was at $0.145. The chart below shows that the prices are struggling to break the $0.14 mark but is clearly failing to do so. If ADA breaks the resistance level of $0.145, the coin can expect further gains.
ADA registered no major fluctuations against Bitcoin today. Currently, one ADA equals 0.00002248 bitcoin. ADA is gaining at 1.41% against bitcoin over the past 24 hours.
Cardano prices over different time periods
ADA Price: Last seven days
The past week exhibited a downward trend. The coin was trading below $0.125. The ADA/USD pair reached the $0.1100 level and formed a support level at $0.1133. Later, the price soared above the $0.1300 resistance level. It tested the $0.1450 resistance zone and is currently above the 100 hourly simple moving average.
ADA Price: Last 30 days
The monthly chart for Cardano clearly shows a downward trend. The key resistance level during the past 30 days can be noted at $0.121. The support levels were formed at $0.125 and $0.13. The prices slumped below $0.120 but rose again to battle the $0.145 resistance level.
ADA Price: Last 90 days
The last 90 days have been a struggle for ADA to touch the $0.50 mark. It reached as high as $0.38 but failed to climb above $0.40. The loss during the last 90 days is approximately 6.57%. ADA will have to break the current resistance level of $0.145 and $0.150 to trigger gains.
Cardano Price prediction 2018,2020
According to Smartereum, the one-year forecast of Cardano is around $ 2.5. This means a rise of around 6 times in a year. ADA price prediction for 5 years is at $10. The fact that ADA is not a blue-chip currency is to be kept in mind while investing in the digital coin. It can face sudden fluctuations due to volume changes and therefore can be highly volatile. However, if you are ready to risk the volatility of the currency, it can prove to be a great long-term investment option.
Ran Neu-Ner, who hosts CNBC Africa’s Crypto Trader program, told Cardano is an undervalued altcoin. He said so while predicting the next successful currency and on the list were Cardano and NEO. While speaking about his interest in Cardano, he said,”It’s a blockchain protocol. Which I think is highly undervalued.” The company’s CEO, Hokinson’s discussion with Google has also extended a positive edge to the digital currency. Google is in discussions with Cardano about the future of blockchain and crypto application.
Cardano, Recent News
- Nexo, as a popular FinTech group, after accepting Binance coin [BNB] as a collateral is enhancing the crypto domain by including Cardano [ADA]. Nexo has decided to include Cardano [ADA] for the loans backed by cryptocurrencies.
- Cardano is in deliberations with Google to bring technological advancement and development of cryptocurrency domain.
- Cardano has announced a new Cardano (ADA) Wallet in a recent Twitter post. The wallet is a complementary purse based on digital functioning for Daedalus.
Cardano is building a blockchain technology based on open source technology and is easier to use. This one of the primary reasons behind its long-term earning potential. ADA prices will keep increasing because it offers multiple functionalities to users. It has claimed a third generation position by resolving problems that bitcoin and other crypto assets currently battle. This can be the right time to consider buying ADA, as the prices are lower and the potential for long-term returns are huge.
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