Cardano is still a hot crypto project in the cryptocurrency community. Despite the harsh price decrease that happened to its token ADA, investors are still eyeing Cardano as its technical offering stands strong. Now that the crypto market is rallying back, should you consider buying Cardano? Is Cardano worth it? Let’s assess in this Cardano price prediction article.
What is Cardano ADA?
Cardano is a blockchain network that prides itself on being technically superior, safe, and scalable. Charles Hoskinson, a co-founder of Ethereum, established Cardano in 2017. The Proof-of-Stake consensus technique is used by the blockchain. The ADA is Cardano’s network token. The evidence-based methodology with which the blockchain is continually developed is what makes Cardano unique. Scientists are working on the blockchain and evaluating the flaws in existing blockchains so that the Cardano blockchain may address them. Cardano is still a blockchain that avoids the trilemma of blockchains. Scalability, security, and decentralization are all strong points.
Cardano Prices are Lagging – What’s happening?
The crypto market has already started to recover. Some tokens already made +100% in the past week. However, Cardano barely made 9% and is just above its consolidation area delimited between $0.45 and $0.50. Lagging cryptocurrencies that have good fundamentals usually explode in prices once the market uptrend shows its strength. A good example of lagging cryptos is XRP. Now that ADA prices are sitting around $0.50, we expect them to continue upwards once the market establishes an uptrend.
Cardano Price Prediction – Where will ADA prices reach?
The first obvious target for ADA would be the upper resistance price of $0.65. From there, we will have 2 case scenarios:
- ADA prices will either hit this resistance area and retrace lower towards $0.55 and try to break this resistance again
- Prices will manage to break the resistance of $0.65 and continue to higher price areas.
If scenario 1 was to happen, this means that the entire crypto market is going sideways. with no real trend forming. Bitcoin would still be between $20,000 and $23,000. However, if scenario 2 was to happen, this means that the crypto market is back on track. Investors’ confidence is back, which translates into stronger buying power in the market. The next targets for ADA would be the following:
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