Cardano Price Soars to New 2021 Highs, ADA/USD Bulls Aiming $0.54
The Cardano price is among one of the top performers in the top-10.
Tracking ETH/USD that’s printing a new 2021 high, the ADA/USD price is now trading above $0.40 as traders are convinced of the project’s solid fundamentals and quest of being a superior smart contracting platform.
As of writing, on Feb 3, the ADA price is up four percent on the last day, adding 25 percent in the past trading week, pushing year-to-date gains to over 668 percent. Judging from price action, buyers are firmly in the driving seat as capital flows to the coin in anticipation of what’s ahead.
Notably, the average daily trading volumes of the last day are up roughly four percent to $3.9 billion. With rising prices, odds of further capital injection and expansion of trading volumes are highly likely—and expected, in the current secular bull market.
Cardano (ADA) Price Overview
The ADA/USD price is trading within a bullish breakout pattern, above January’s consolidation.
From the daily chart, the zone between $0.35- and $0.40-marks support. If there is a pullback from spot levels, buyers may double up their purchases around this region while aiming for prices above $0.50.
On the other side of the equation, buyers can equally push prices towards $0.50 and $0.60 in the medium term. This marks the 3.618 Fibonacci extension level of the H2 2020 trade range.
The target is feasible, considering bull bars are now banding along the upper BB with decent trading volumes. This could suggest possible accumulation and traders ramping up, loading the dips in smaller time frames to anticipate a price expansion.
The Feb 1 bull bar will anchor the ADA/USD forecast, especially for scalpers. If bears push back below $0.33—Feb 1 low, bulls may be thrown into disarray, allowing bears to press back towards $0.30 and $0.25 in a correction.
Cardano (ADA) Market Movers
Cardano is a smart contracting platform guided by peer-review research. It uses the Proof-of-Stake consensus algorithm, like Ethereum.
The influx of capital to Eth 2 official deposit contract makes Ethereum 2.0 the biggest staking platform, ahead of Cardano and Polkadot.
However, price-wise, ADA may benefit as the network prepares for “Mary,” a Hard Fork Combinator (HFC) that will introduce native tokens.
The upcoming 'Mary' Hardfork combinator event will bring native token functionality to #Cardano. Catch up on the progress on the pre-production environment & what is coming next from Kevin Hammond: https://t.co/Qphc3XQesN' pic.twitter.com/ebRho2ltXW
— Input Output (@InputOutputHK) February 2, 2021
The bridge with Ethereum will make Cardano one of the busiest platforms in crypto:
Future potential projects running on #Cardano ERC-converter is going to be busy! Simple.Cheaper and faster on a better system! Long #Cardano pic.twitter.com/rX5MDVsoSm
— DPSamoa (@Full_Samoan) January 30, 2021
Once smart contracting is active via Goguen, analysts predict ADA prices to peak at $10 in this bull cycle.
Peak high predictions for this bull cycle revised:#Bitcoin to $350,000-450,000#Ethereum to $10,000-17,500#Polkadot to $250-350#Chainlink to $250-350#Cardano to $10-20#Zilliqa to $5-7#Elrond to $500-750#DIA to $50-75
— Michaël van de Poppe (@CryptoMichNL) January 30, 2021
Cardano Price Prediction
The ADA/USD price is trading within a bullish breakout pattern.
Most importantly, the confirmation of the high-volume bull bar of Feb 1 sets the ball rolling for even more upsides.
Technically, every low could be loading opportunities for aggressive traders. Bars are already banding along the upper BB, suggesting demand in lower time frames. Additionally, volatility is high as the lower and upper BB are diverging.
If bulls continue to push higher, traders can, in the medium-term, target $0.54. This is the 3.618 Fibonacci extension level of the H2 2020 trade range.
On the flip side, losses below Feb 1 breakout bar may slow down buyers. In that case, ADA/USD prices may slide back towards $0.30 in a retest.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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