Cardano (ADA) Price May Be Catching New Bullish Wave as It Soars 16 Percent – Crypto Traders Rejoice

News
Tue, 01/28/2020 - 08:56
Yuri Molchan
The tenth largest cryptocurrency, ADA, has surged 16 percent on CoinMarketCap, analysts and traders believe the coin has caught a new bullish wave
Cover image via 123rf.com
Contents

Cardano (ADA) is the tenth biggest crypto by market cap. It is believed to be highly perspective by some experts and the Weiss Ratings agency. In particular, Weiss Ratings believes it is superior to EOS.

ADA’s price peak took place back in January 2018, when it traded at $1.23. Since January this year, ADA has been trading between $0.7 and $0.4, which looks like a slightly uneven flat line on charts.

Now, traders have massively noticed a sudden price surge of over 16 percent. Some of them believe this is a new bullish wave for Cardano’s coin.

Image via CoinMarketCap

‘+15% already. First resistance reached’

The crypto trader and investor known as ‘Crypto Rand’ believes that ADA has broken an Ascending Triangle pattern after its massive Falling Wedge breakout consolidation. The coin has taken the first resistance level already, the expert points out.

Looking for a new bullish wave, he writes.

Image via Twitter

‘ADA is in the play’

Crypto trader and author of ‘An Altcoin Trader’s Handbook’ Nik Patel believes that ‘ADA might be in the play’. He points out that the coin’s price has been lagging behind for a long while. However, now it is showing ‘really solid daily candles’ on both USD and BTC charts.

Image via Twitter

Related
XRP Price Is Getting Painful to Look at, Says Trader. Is Another Crash Coming?

ADA expected to hit $0.54-$0.57

Traders @Tradermayne and @CryptoNewton have also tweeted about ADA’s sudden breakout. Their predictions vary very slightly – they expect the coin to reach $0.54 - $0.57 (0.00000604 BTC - 0.00000635 BTC).

Vitalik Buterin denies plagiarizing Cardano

As earlier reported by U.Today, a reddit user accused the creators of Ethereum 2.0 of using Cardano’s design to create ETH 2.0 slots & epoch solutions.

This discussion got the attention of Vitalik Buterin, who responded on Reddit that this accusation sounds as ridiculous as someone saying that Tesla is copying the four-wheel structure from old Ford automobiles.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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