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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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TOP 3 Price Predictions: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) — Market In Uncertainty or Bulls Are Back In The Game?

  • Denys Serhiichuk
    📈 Price Predictions

    Bulls are not going to pass the baton to bears. When should we expect a market reversal? The following price analysis will help you to answer this question


TOP 3 Price Predictions: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) — Market In Uncertainty or Bulls Are Back In The Game?
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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

The cryptocurrency market did not follow the scenario of last week and keeps trading near the zone of local maxima. Since the next pullback has not occurred and the growth continues, we can safely talk about the resumption of the qualitative upward trend.

At the same time, CME data show a decline in interest of investors involvement in Bitcoin futures.


As altcoins have recovered, BTC’s domination rate reduced and now is 52%.

BTC/USD

Technical analysis of Bitcoin shows moving to an important resistance level of $6,000. In the case of continued growth and breakdown of the upper boundary of the channel, we should expect the resumption of a full-fledged upward movement. In this regard, the RSI Prediction Band also indicates bullish tendencies.  

 BTC/USD chart by tradingview

Based on a 4-hour chart technical analysis indicates the formation of the Triangle pattern, which shows that BTC is unlikely to move below $5,250. In the case of the breakdown of the upper boundary of the model and closure above $5,500, one can expect continued growth with a potential goal of $5,700. An additional signal here is the test of the support line on the Relative Strength Indicator (RSI).

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The price of BTC is trading at $5,292.45 at the time of writing.

ETH/USD

The main altcoin synchronously with Bitcoin at night showed positive dynamics, as its price increased by more than 3%. The ETH/USD pair pushed away from the support of the 200th EMA at the level of $155 and rapidly soared above the fast 50th EMA at the area of $165.

ETH/USD chart by tradingview

One more resistance area is located at $174, the break of which will push the asset closer to a psychological zone of $190.00. A breakout of this level will indicate confirmation of a rise in
ETH/USD quotes.

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The price of ETH is trading at $171.63 at the time of writing.

XRP/USD

Among the top 3 coins, Ripple has shown the biggest growth over the past 24 hours. Investors and traders are showing interest in the coin, as its market capitalization has increased by around $300 million over the last day.

XRP/USD chart by tradingview

Taking into consideration a technical point of view, Fibonacci retracement shows a consolidation in the green area (61.8%) at $0.343, which serves a consolidation zone. The RSI indicator does not demonstrate the overbought and XRP has enough strength to conquer one more resistance level at $0.35. If the crypto market continues its bullish trend, Ripple will be able to come back to its previous highs.

The price of XRP is trading at $0.3396 at the time of writing.

'Illustration of the labyrinth on a black background' image by 123rf.

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