Cardano is one of those interesting projects that gained popularity recently when its prices tripled. Not only was this move backed by strong fundamentals, but the entire cryptocurrency market was also on an uptrend. After the recent crypto crash, ADA prices lost about 40% in a bearish trend that lasted about 20 days. Today, on the other hand, prices are showing a sign of a strong comeback. In this ADA price prediction, we’re going to analyze ADA and set a trade that can easily yield 36%.
Why is Cardano an Interesting Crypto Project?
Cardano is a delegated Proof of Stake blockchain (dPoS), that supports smart contracts similar to Ethereum. The marketing of this project propagates a scientific approach. In fact, the development is under Charles Hoskinson, who comes from a consulting background. He co-founded Ethereum but got kicked out by Vitalik after a dispute about whether Ethereum should be a for-profit project or not. Naturally, Charles wanted the former.
The development of the Cardano was rather slow, with multiple deadlines already pushed forward. With the launch of the staking-mainnet in mid-2020, Cardano was finally able to accomplish an important milestone. With the Alonzo implementation in place, Cardano is ready to reach new highs.
What Happened to ADA Prices so Far?
Since the beginning of the year 2021, ADA’s price tested several times the strong psychological support area of USD 1. We can clearly see this area being tested through the months in figure 1. In mid-August on the other hand, prices managed to escape a key resistance area and sent prices shooting towards USD 3.
When prices broke the strong resistance of USD 1.8, the price of USD 3 was inevitable. This led Cardano to become the third most valued cryptocurrency project by market cap. Its valuation stood at around USD 90 Billion, with the only competitors in sight being Bitcoin and Ethereum.
Following the China ban on cryptocurrencies and in tandem with the cryptocurrency market, ADA prices fell back and retraced to the strong psychological price area of USD 2 (figure 2).
ADA Price Prediction – Can ADA prices reach 3$ Again?
The current technical formation of ADA prices shows a sign of life. In fact, prices managed to break the downtrend and are looking for a potential reversal. In figure 3, we can clearly see this reversal in the trend. This usually confirms a short-term consolidation before going back to its original uptrend.
If prices manage to stay above the psychological price of USD 2, then we should probably see a comeback in prices towards the previous high price of USD 3 in the medium term. Technical traders can plan the following trade setup:
- Entry price: USD 2.2
- Stop-Loss: USD 1.95
- Take-Profit: USD 3
- Risk/Reward ratio: 3.2
- Profit: 36% return unleveraged
Stay Ahead, Stay Updated
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Cardano Price Prediction – ADA can Bounce Back and THIS is Why
- Don’t Buy Cardano YET…This is where ADA prices are crashing towards
- Conservative Cardano Prediction for 2023 – How high can Cardano go?
- Cardano price reaching $3 might be INEVITABLE…Here’s why
- Cardano COMEBACK! ADA Price soars +30%, where will it reach?
- ADA Price Prediction – Cardano Price shoots 30% in the past Week! Thank you Basho?
- Ripple Price Prediction – How High will XRP reach in 2050?
- Cardano Price up +30% in the past 24 hours! Can Cardano reach 1$?
- Can Cardano reach $5 in 2023? The Crypto Market is BOOMING!
- Crypto Millionaire: Buy THESE Cryptos before they BOOM in 2023?
- Bitcoin Price Prediction – LAST Chance to Buy Bitcoin around 40K?
- Bitcoin Price Prediction – BTC Breached 40K! Will it climb to 50K next?
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- Cardano Price UP 12% in the past 24 hours! Buy ADA NOW?
- Bitcoin Price Crash! Near 40K, Did the CBDC Talk Affect Crypto Prices?
- Ethereum Price Prediction – LAST CALL to Buy Ether at 3k?
- XRP Price is about to BOOM if the crypto market recovers! Buy $XRP?
- Cardano Price Prediction – Can Cardano reach 2$ before 2022?
- Ethereum Price Prediction – Ether nears 2K, Should you BUY?
- Ethereum Price Analysis – Ether prices shooting through the roof?
You might also like
More from Altcoin
The crypto market is moving higher! Based on current market trends and expert analysis, here are the top 3 altcoins …