The past three weeks have been chaotic for Cardano holders. Sharp price falls dotted with traders HODLing, believing on what projects stand for.
When choices have to be made and portfolios diversified, many traders and investors are increasingly opting to add Cardano. ADA holders are confident folks for good reasons.
Ordinarily, it would be considered weird because Cardano is now at full throttle. The project is under development. Charles Hoskinson, IOHK, and the team have activated only two of the five phases.
Soon, Goguen and smart contracting will go live. After that, there will be Basho before Voltaire.
By then, Charles eventually expects Cardano to be several folds more scalable and decentralized than Bitcoin.
Meanwhile, they project Cardano to be more efficient in smart contracting, possibly edging Ethereum from the mantle.
Perhaps it is due to the level of research and the quality of partnerships that explains the resilience of Cardano–a “work-in-progress” project already commanding billions in market cap.
#Cardano will be the first project in the top 10 that will have both PoS and smart contracts.
What does it mean? Developers can start building on Cardano and migrate from Ethereum. Users will migrate to solutions that will be faster, more reliable, and have cheaper transactions. pic.twitter.com/oiMEH2PE6f
— Cardanians.io 🥩 with CRDN 🏊 (@Cardanians_io) June 2, 2021
ADA/USD Market Performance
As of writing on June 2, Cardano is perched at sixth, stable against the greenback on the last trading day, although with shrinking trading volumes. It may be slightly trailing ETH and BTC, but bulls are determined.
— fr₳nk fury (@FrankFury333) June 1, 2021
ADA/USD prices are trending inside May 19 bar in a bullish breakout pattern from the daily chart. Notably, May 19 bear bar is with high trading volumes. Despite the liquidation, ADA prices may still unwind losses as buyers build on gains of late May 2021. A surge past $2.4 would be enough to cement ADA’s place in the top-5, even flipping Binance Coin (BNB).
Cardano Prices can do a 10X
For this, traders expect more gains.
TechLead, on YouTube, thinks ADA will 10X:
And his explanation is straightforward.
Cardano will be the Ethereum killer. He points at the team’s quality, research, and general development in Cardano’s ecosystem.
Buying the Dips above $1.5
Therefore, if ADA can race to over $15, it explains why some traders are bullish. Signal_Center1 interprets ever low above $1.5 as a loading opportunity for bulls.
He notes that there are bullish signals from the daily chart, while the 4HR chart is a refinement for going long on dips.
There is already a bullish signal from the 20-50 EMA suggesting increasing momentum in the short to medium term.
In the short term, traders expect ADA/USD prices to breakout after oscillating for an extended period inside an ascending triangle.
It is the same line of thought that TheSignalist, on Trading View, has on ADA/USD. He observes that prices are lining up for a possible breakout higher in continuation of trend.
From the 30 min chart, the analyst retains a bullish outlook as long as prices are above $1.5 and breaks above the descending channel in continuation of the uptrend set out in the last few days. For a sustained buy trend, the trader marks out $2 as a strong liquidation line.
ADA Bulls Targeting $2.4
Visible from the chart, he observes that prices are inching higher on wave count.
Currently, on the last stage and in the third section of the triangle near the apex, ADA prices are on the cusp of a clean break above the main resistance trend line.
If ADA bulls take over, price action will unwind losses of May 19 in a buy trend continuation that would lift ADA/USD back to $2.4.
Price charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
This Defendant Wants a Judge to Declare Crypto Trading as Gambling in New York
Bitcoin Technical indicator at the “Fire Sale” Zone
Fidelity Investment Boss Says the Crypto Winter Is the Right Time to “Double Down”
How Ethereum’s Layer-2 Optimism Lost $17 million to a Hacker
New York Stablecoin Requirements Demand USDT to be Transparent
Price Analysis1 year ago
Sushiswap price adds 14% week-to-date, SUSHI rallies 40X in 7 Months
Learn2 years ago
Is Polkadot (DOT) A Good Investment?
Learn2 years ago
Yearn Finance Explained: A Simplified Guide to YFI
News2 years ago
How Will Bitcoin React if Either Trump or Biden Wins?
Price Analysis2 years ago
China FUD, Path back to $13k or $20k?
Learn2 years ago
Is Chainlink (LINK) A Good Investment?