ADA prices might be heading towards its Peak at $0.46?

Cardano Prices in the Green
  • Cardano’s ADA prices is in green since currency demand continues to increase
  • Market Capitalisation jumped in excess of $12.4 billion

Cardano is both a cryptocurrency and a decentralised computing platform which features a unique consensus algorithm. This algorithm is called as Ouroborus and validates transactions without high energy costs. The internal cryptocurrency for Cardano is ‘ADA’ and is supervised by the Cardano foundation based in Switzerland.

Upward Price Trending

According to the data from CoinMarketCap, the price trend of ADA highlights the progress in the past year from near zero margins to $0.4290. Though price differences are changing at pips level but its market capitalisation has risen to more than $12.4 billion making it the sixth biggest digital currency in the world. The rise has been consistent and breakout is anticipated at $0.46 levels.

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One can also view that the price has found some expected resistance due to the bullish sentiment. The next vital resistance is at $0.4500 and would be invalidated if it falls back to $0.3500.

Source: CoinMarketCap, Cardano Price Trend.

Reasons for ADA Price Rise

Cardano price has been steadily rising as:

  • It has gained lot of interest among traders in chat platforms like Reddit and Discord
  • General bullish sentiments across the market including Ethereum, Ripple and Stellar

The Cardano price also is viewed from a technical analysis perspective. Stellar has been witnessing a steady uptrend since the past few months at an all-time high of $0.411 post which it’s in a consolidation mode with a support price of $0.2786. The pattern is a bullish pennant pattern whose flag post started at about $0.1280.

A bullish pennant or flag is usually a sign of continuation and happens when bulls start questioning the strength of the trend. Ultimately, it tends to break-out and continues with the existing trend though the pace may stabilise. Dogecoin was also following a similar pattern and in case of ADA, the strength of the rally would be confirmed at the existing scenario.

Thus, the current performance is very critical especially with the overall cryptocurrency market witnessing some levels of stability. Cardano may outperform expectations and subsequently stabilise but every granular movement will continue to be monitored to predict its performance in the short run.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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