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Cardano Price Prediction – Waiting for a Breakthrough

  • Thomas Hughes
    📈 Price Predictions

    The Cardano price is flat, with low volatility and low volume, which is a far cry from the bounce up seen in April 2018, which took the price into 0.40 area


Cardano Price Prediction – Waiting for a Breakthrough
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over past few months, ADA has vindicated itself like a stable cryptocurrency when compared to many other coins in the market. So, the team behind cryptocurrency has made real progress with so many plans in play to help the Cardano`s potential.

Cardano (ADA) is a third generation open-source blockchain project that attempts to solve problems which have plagued its predecessors. According to their website, ADA is “developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed”. Also, it’s the “first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach”.


Cardano’s cryptocurrency is named ADA and can be used to send and receive digital funds. Cardano itself is a tech platform that will be able to run financial applications and decentralized applications (dApps), which are services that operate on the blockchain.

The platform will also be able to run smart contracts and is a rival for Ethereum. Ethereum is dominating the current smart contract picture, but Cardano aims to deliver a more efficient form; it remains to be seen if they can actually deliver on such big promises.

ADA/USD technical outlook – The big picture

Currently occupying the 11th spot in the market cap rankings, Cardano (ADA) is trading a little above $0.038 at the moment. The entire year of 2018 was bearish and even saw ADA drop below its launch price on some exchanges. It’s all been downhill since the big bull run of 2017/2018, and it looks like there’s not much hope of a recovery – at least not yet.

ADA/USD chart

The price is flat, with low volatility and low volume, which is a far cry from the bounce up seen in April 2018, which took the price into 0.40 area. It almost looks like the bulls have totally abandoned this cryptocurrency but interestingly, the bears have done so as well.

The most important level at the moment is the support at 0.0272 - keep in mind this number will probably be different depending on the exchange you are dealing with. The level is also the all-time low, and a break of it would throw the pair into uncharted territory, meaning that we don’t have any known support below this level.

ADA/USD chart

From a Daily chart perspective (above), we can see that resistance sits at 0.055 and at the 100 days Exponential Moving Average (blue line), followed much higher by 0.10 – 0.11 and 0.20. The chart shows clear lower lows and lower highs, so the pair is in a textbook downtrend and is not oversold.

Given the low volatility and almost flat movement seen on Weekly charts, this pair should be treated as currently ranging/sideways, but from a long-term perspective all clues point towards a continuation of the downtrend, which will be achieved when/if the all-time low is broken.

Daily Chart Support: 0.0272 (the exact price differs depending on exchange)

Weekly Chart Support: 0.0272

Daily Chart Resistance: 0.055 and the 100 days EMA

Weekly Chart Resistance: 0.11 and 0.20

Most likely scenario: continuation of the downtrend, break of all-time low unless the developers announce something extremely positive

Alternate scenario: irregular volatility, range-bound trading, chance for minor upswings if the pair becomes oversold

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Bitcoin Price Is Heading to Its Next $7,000 Target! When Will BTC Break Resistance?


Bitcoin Price Is Heading to Its Next $7,000 Target! When Will BTC Break Resistance?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

After a short pause, Bitcoin has decided to take a few steps up to reach the new resistance level. What’s the chance for BTC to hit new price levels? Read Bitcoin price predictions from Twitter users to find out what they think about the short-term prospects of this cryptocurrency.

BTC will continue rising

There are many positive forecasts claiming that BTC will reach new heights in the nearest future:

$5,600 is the next threshold to reach:

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The bullish shift hasn’t ended yet:

Tendencies remain positive:

Expect new bullish runs:

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Time for retracement?

At the same time, many users see that there’s some BTC volume declining, which means it’s very likely to dump a bit:

Another piece of proof:

A lot depends on Bitcoin’s ability to stay above the $5,000 level:

Reaching a new height and dumping is another very likely scenario for BTC:

However, the next height before a correction might be somewhere about $7,000:

Time will show whether BTC will be able to overcome the new resistance. At the moment, it’s not the right time to enter the market. Wait for BTC to dump a bit – it is very likely to happen.

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