Cardano Price Prediction: ADA defying market weaknesses

Cardano (ADA) is one of the oldest crypto assets in the market, with a lot of potential, that has been undervalued for a long time. Cardano is a Proof of Stake (POS) blockchain network that has the final aim of becoming a smart contracts platform that will be more advanced than Ethereum (ETH). The Cardano roadmap has a lot of key points to be reached in the next years, and if things go well, Cardano might become one of the top 3 or 5 crypto-assets in the market in a short term.

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Cardano’s price, like most of the cryptocurrency market, is down nearly 85% from the all-time high it set in January 2018. After it reached nearly $1.40 on January 4, 2018, Cardano dropped to a low of $0.13 on March 25, 2018. But, Cardano has been able to defy the market’s downward pressure and has managed to stay above the $0.10 level since February. After it touched an intra-month low of $0.10 on April 8, Cardano started a slow upward climb that put it above the critical $0.15 mark earlier this month.

Cardano (ADA) is an open-source, decentralized public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to develop out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers. In this article, I’ll break down the fundamental and technical elements of Cardano, providing a detailed overview of the project and its long-term potential.. Read more about ada stock news today and let us know what you think.

Summary of the situation

  • Cardano’s share price is holding above strong support at $1.50.
  • There is little chance that the bears will break this support, despite selling pressure.

Cardano price forecast: Price Overview

Cardano diverged near its 9-day moving average at $1.55 on the hourly chart after hitting an intraday high of $1.56. Increased seller resistance at $2.00 and the collapse of the crypto-currency market appear to be keeping ADA in the bears’ hands, but hopes for a double-digit monthly close remain high.  Cardano has performed well in recent days despite the bear market and could become one of the most important crypto assets. Buyers have been trying to defy market weakness and keep the price of the currency around the 50 and 200 hour moving averages for at least 14 days. Cardano (ADA) started the day in a gradual uptrend from an intraday low of $1.5 and activated about three white soldiers, but then pulled back to $1.55. This is a clear indication that buyers are doing everything they can to get the altcoin price back to historic highs. If the bulls can break above the 38.2% retracement of the 4-week low at $1.59, they have a chance to reach $1.8.  However, this also depends on the stabilisation of the broader market, which could give buyers enough confidence to take short positions. However, we cannot assume that the current decline in ADA is the result of a decline in the market as a whole. The Mint has already become the main beneficiary of more than $10 million in institutional investment. The 25th. May left the Mint with the inverted H&S (head and shoulders) model, but it did not attract market interest. Instead of bringing new buyers into the market, most investors exited the market and reduced their positions.

Cardano price movement in the last 24 hours

(Source: Tradeview) Since the opening of the daily chart, the price of ADA has been moving within the strong support at $1,500. However, price remains slightly above support levels and the broader market could be waiting for a renewed effort from buyers to prove that the bulls will regain control. In a falling market it is not advisable to take a short position, but otherwise it is beneficial for those who want to take a long term position (at least 2-3 years). But we can’t include the bears in our discussion because the chart is completely bearish. If sellers pull the price below current support, we should expect a bottom price at $1.42.  Yesterday’s chart was on the edge of a balancing market between buyers and sellers, and a continued correction below $1.42 could cause indecision if the bears hit the 2018 high at $1.39.

CardanoGraphic 1 hour

At the time of writing, Cardano (ADA) is trading at $1.51. Buyers are trying to recover and sellers are trying to get below $1.50. But support remains strong, all it takes is a little support from the broader market and the bulls will overcome the 61.8% FIB retracement ($1.69). (Source: Tradeview) word-image-5211

Cardano price movement: Supplement

The latest news on Cardano is an interview with Cardano founder and former Ethereum founder Charles Hoskinson, in which he criticizes Ethereum for being a weak network with a complicated structure. Hoskinson recalled that Cardano was originally set up as a protocol to help financially unstable economies and support the financial infrastructure of billions of people in developing countries. You can read the rest of the interview in the article Why Cardano is better than Ethereum. 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.Cardano has remained relatively stable during a period of intense market volatility across the cryptocurrency sector. This is especially impressive given the fact that it is still relatively unknown to the public, and is only available in a limited number of countries. In addition to this, it has already grown to become one of the top ten cryptocurrencies by market cap, and has a host of unique features and qualities that make it a very attractive investment.. Read more about ethereum price prediction and let us know what you think.

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