Renowned analyst estimates that Cardano (ADA) is about to skyrocket 🚨 This article is 5 years old...
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Renowned analyst estimates that Cardano (ADA) is about to skyrocket
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Updated: Jan. 22, 2020 at 1:56 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Cardano Foundation is making significant strides to push forward the adoption of its native cryptocurrency. The non-profit organization has set up a new release cadence, with new updates and releases expected every week that are meant to improve the network.
The massive amount of work put into the development ADA could soon pay off. According to one of the most prominent technical analysts in the crypto community, Cardano could be about to experience a significant bullish impulse.
Cardano seems ready for liftoff
In a recent tweet, TraderX0 pointed out that the trading pair ADA/BTC could have reached a market bottom. According to the analyst, Cardano has gone through a six-month-long consolidation period that could indicate that the bottom is in.
Throughout the past six months, this cryptocurrency has been contained within a narrow “accumulation range.” This trading zone is defined by the 400 satoshis support level and the 548 satoshis resistance level.
Every time it climbed up to the resistance level, this barrier rejected the price triggering a pullback to the support level. But, when ADA moved down to support, it quickly bounced off to the resistance level.
On Jan. 20, TraderX0 was expecting that ADA could make a quick retracement to the yearly open of 468 satoshis. This correction could increase the probabilities for a significant price movement. Now that Cardano indeed pullback to this area of support, the analysts believe that it could skyrocket over 100% to hit 975 satoshis.
Along the same lines, Beastlorion stated that the recent close above the 200-day moving average is a clears sign that “things are looking up” for Cardano.
The last time that this cryptocurrency closed above the 200-day MA was in Mar. 09, 2019. Following the break of this significant hurdle, ADA surged over 75 percent. This crypto went from trading at a low 1,097 satoshis to a high of 1,944 satoshis on Apr. 3, 2019.
Despite the bullish perspective, TraderX0 warned that a move below 468 satoshis could invalidate the optimistic outlook. Such a bearish impulse could push ADA into lower lows.
Moving forward
Cardano is looking very strong from a fundamental standpoint. IOHK and the Cardano Foundation are working hard to create an infrastructure that enables decentralized applications on the network. Charles Hoskinson, the CEO of IOHK, is reportedly using his trip to the World Economic Forum in Davos as a “networking opportunity” to identify potential partners that will contribute to the development of ADA.
As the efforts to improve the Cardano protocol continue to increase, its price could also see a significant boost. Only time will tell whether the overhead resistance at 548 satoshis will break, allowing ADA to make higher highs.
Cardano Market Data
At the time of press 1:56 pm UTC on Jan. 22, 2020, Cardano is ranked #11 by market cap and the price is down 1.33% over the past 24 hours. Cardano has a market capitalization of $1.18 billion with a 24-hour trading volume of $76.1 million. Learn more about Cardano ›
Crypto Market Summary
At the time of press 1:56 pm UTC on Jan. 22, 2020, the total crypto market is valued at at $239.21 billion with a 24-hour volume of $90.8 billion. Bitcoin dominance is currently at 65.72%. Learn more about the crypto market ›
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Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Cardano Foundation
There are three organizations that are contributing to the development of Cardano.
Input Output
Input Output Hong Kong (IOHK) is a research and development company committed to using the peer-to-peer innovations of blockchain to build accessible financial services for all.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.