Cardano has been making headlines recently. Many recent updates in their roadmap helped push this coin to reach at one time the third-largest cryptocurrency by market capitalization. Other than strong fundamentals, Cardano (ADA) has an interesting technical formation that is signaling an upcoming price correction, but high anticipation in the community signals a price of 3$. The question is not IF but rather WHEN will Cardano ADA reach 3$?
Is Cardano (ADA) a good investment?
Holders of Cardano have seen tremendous returns since the beginning of 2021. In fact, the token increased from a price of around USD 0.15 to reach a current price of USD 1.70. This +800% performance beats many traditional finance investment schemes, even its peer cryptocurrencies. In this sense, Cardano was an amazing investment.
In order to assess whether Cardano is a good investment today, we need to understand its current price, the upcoming project timeline and what’s happening in their community. This brings us to the next sections: Price Prediction.
Cardano Price Prediction – Short Term Target 2$?
In the past 24 hours alone, ADA managed to shoot 6% while its peers like XRP and XLM were down by almost 4%. Looking at the medium term, ADA is still going on an uptrend. In figure 2, we can clearly see how prices were steadily increasing. On the other hand, ADA prices today are a bit inflated and are bound for a small correction in the short-term, especially before reaching the 2$ price mark. This price target is expected to reach around July 2021.
When will Cardano reach 3$?
Many people are expecting ADA to reach a price of USD 3. This in fact would lead to a market capitalization of around USD 96 Billion. If we look at the current projects that reached this valuation or even surpassed it, that would be Dogecoin, Binance Coin, Ethereum, and Bitcoin. If we disregard the last two, Dogecoin can’t be compared to Cardano, as the two have totally different projects. Maybe Binance Coin would be “closer”. Taking into account the current crypto market dynamics, for Cardano to almost double in price is a bit far-fetched in the short-term, even in the medium term.
This might happen if a breakthrough happened in the crypto sphere, further market adoption started to integrate, and Big Tech picks up Cardano. In that case, we would still expect Cardano to cross the USD 96 Billion valuation by the end of the year. But for now, prices won’t jump as high as they did YTD. But hey, if it did we’ll publish an article to show how wrong we were 🙂
The whole Crypto Market
In the past week, most cryptos were up and recovered from a previous price adjustment. We await to see if the crypto market would stabilize in the coming week to hedge a price adjustment or continue on its uptrend.
1- Bitcoin (BTC) : + 2.2 %
2- Ether (ETH) : + 34.6 %
3- Binance Coin (BNB): + 9.9 %
4- Dogecoin (DOGE) : + 31.1 %
5- Tether (USDT) : 0 %
6- Cardano (ADA) : + 30.4 %
7- Ripple (XRP) : – 2.8 %
8- Polkadot (DOT) : + 6.9 %
9- Bitcoin Cash (BCH) : + 38.4 %
10- Litecoin (LTC): + 34 %
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Rudy Fares