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Is Cardano catching up with Ethereum?
Cardano (ADA.X) is trading at $0.08, down 12% from yesterday. What is Cardano's price prediction? What news should Cardano investors and traders be aware of?
Cardano has become a prominent coin in the crypto-sphere and is the largest threat to Ethereum. Its platform use case bears a lot of potential, which became particularly apparent after the introduction of the Marlowe application.
In order to execute financial contracts, the Marlowe application targets the financial sector, which is akin to Peyton Jones. Currently, Ethereum dominates in escrow services but Marlowe provides a better value proposition compared to it.
There is a tough competition between Ethereum and Cardano, but both of them are trading in the red. Both cryptocurrencies are recording a double-digit loss compared to their respective prices from 24 hours ago.
Here are the major technical indicators for Cardano:
- MACD has moved back in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) for ADA/USD is hovering around 30. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $0.75;
- A new major resistance level is forming at $0.88.
Cardano price speculation: an overpowering bearish trend, despite future prospects
Cardano (ADA.X) is trading at $0.13, down by 4.63% from yesterday. On the hourly ADA.X chart, we notice a crucial bearish trend line with a resistance level at $0.125.
Cardano has struggled recently despite the buzz that it is ready to take up Ethereum. The platform itself is very promising: it aims to become a scalable and secure smart contracts solution. Some of its prominent features include a working paper wallet and a proof-of-stake algorithm (Ouroboros is the first verified and secure proof-of-stake algorithm).
Cardano preserves the privacy of its users despite being compliant with the regulations. It is the first platform to maintain this type of balance, hence investors consider it to be future-proof.
A short-term rise in Cardano's price is likely to occur if it gets listed on Coinbase. The creators of Cardano are very ambitious, intending to make an impact in every sphere of the global economy. They argue that, as the platform gets more popularized, it will eventually become a $1 trillion project.
What is Cardano's near-term price prediction? What do investors speculate about its price? Here are some major technical indicators:
- MACD is in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) is moving lower towards the 40 level, indicating the coin is oversold. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $0.148;
- A new major resistance level is forming at $0.125.
Cardano's rally: substantiating serious potential for the cryptocurrency
Cardano (ADA.X) is trading at $0.18, down 6.34% from yesterday. A surge in the ADA price to $0.20 occurred before a downward correction against the US Dollar. There is a significant bullish trend with a support point at $0.17.
Cardano's price is in a bullish zone against the US Dollar, Ethereum, and Bitcoin. What are the factors contributing to its rally?
Cardano finds a place among the top 10 cryptocurrencies. In the recent bull cycle, only Stellar(XLM) exceeded Cardano's gains (28% vs. 20%) among the top cryptos.
Recently, Coinbase's decision to potentially list Cardano on its exchange caused the cryptocurrency price to shoot up. Another reason for the price surge is the fact that altcoins increasingly draw the attention of regulators and institutions such as the Chartered Financial Analysts (CFA) Institute.
Additionally, Cardano's Shelly project is quite exciting. It aims to make the blockchain network fully decentralized. Ouroboros is Cardano's smart contract platform that is the main reason for its popularity. The platform can identify any kind of threats to blockchain and has an expert bug protection system to remove any serious vulnerabilities encountered by the network. This is possible because of the mathematical approach to writing the code, which is used in Cardano's Haskel language.
Investors value Cardano because of its focus on security, sustainability, scalability, and interoperability. The company has a strong following comprising academics, engineers, and scientists. It even has some practical applications such as solving Ethiopia's agricultural problems.
The ADA network is in its early stages and its features are not yet fully operational yet. This makes it difficult to fully understand Cardano's valuation (overvalued or undervalued? -- we don't comment on this). What we've noticed is that the price rise generally correlates with a launch of decentralized applications and services on its platform.
Cardano (ADA.X): will it break to new highs?
Cardano launched last year; so far it achieved a return of over 1,500%. The market cap of this cryptocurrency is around $9 Billion. It is in the top 10 cryptocurrencies by assets.
Cardano is currently trading around its 90-day high, so speculators are wondering whether its price will increase much further beyond the current level?
The developers of Cardano have specifically created it for enabling sustainable systems for cryptocurrencies.
There are some positive developments around Cardano (ADA.X). The Ethiopian government signed a memorandum of understanding with the parent of this cryptocurrency, hoping to see local developers apply blockchain technology to the country’s agritech industry.
The Ethiopian Ministry of Science and Technology aims to train local developers to use Cardano blockchain technology.
Cardano is one of the most advanced blockchain platforms--and it's a well-known open-source project. From its very beginning, this cryptocurrency challenged itself to become better than Ethereum in every single aspect--and so far it's seeing some success.
For example, new users can “bootstrap from the genesis block and do not need a checkpoint block or any prior knowledge of the number of users active in the system.” Such a thing was not possible in proof of stake distributed ledgers, and this makes the feature a genuine turning point in the technology.
Given the recent commercialization efforts, along with huge progress on the development site, we would not be surprised if ADA.X price continued to go up.
For the latest developments on Cardano, you can visit Finstead.com and type "ADA.X news" and "ADA.X price" to get the full scoop.