The Cardano price is relatively stable compared to Bitcoin and Ethereum.
Despite price plunges of the first half of the week, the ADA/USD pair has successfully absorbed bear pressure, posting deserved gains as a result.
When writing on Feb 25, the ADA price is up five percent on the last day. Because of their stability in the previous three days, the coin is up 19 percent week-to-date, as prices oscillate around near all-time highs above the psychological support at $1.
Even so, trading volumes are down 29 percent on the last day to $6.2 billion. Regardless, this is within averages. Most importantly, it points to stable liquidity in an environment where traders are apprehensive, cautious of more price dumps in confirmation of Feb 22 and 23 sharp, trend-disrupting losses.
Cardano (ADA) Price Overview
Overly, the ADA/USD uptrend is firm. Bulls are still in command. However, as we advance, ADA’s performance depends on the market response to mainstream fundamentals expected by the end of the month.
As it is, the primary support is at $1. On the lower end, the 20-day moving average, or the middle BB—one of the most popular crypto indicators used to gauge volatility. It is refreshing to note that prices are whipsawing above the flexible support level. Therefore, it could destabilize bulls if prices sink below this mark with relatively high trading volumes.
On the upper end, bulls are closely monitoring price action to see if ADA edges past $1.25, the immediate resistance level, and 2021 highs.
Notably, ADA is a few cents away from blasting above its all-time high of around $1.32. Accordingly, if there is a break above $1.25 with relatively higher trading volumes, the odds of ADA/USDT registering a new all-time high will be elevated.
Before then, ADA prices are in range mode within Feb 22 Doji candlestick. Additionally, there has been no confirmation of Feb 23 bears, a net positive for optimistic buyers.
Cardano (ADA) Market Movers
Cardano seeks to launch a superior smart contracting platform to take on the likes of Ethereum and EOS. The network will be scalable and several folds cheaper to use than Ethereum.
The second of the three Hard Fork Combinators, Mary, is set for Mar 1. Activation sets the foundation for smart contracting via Goguen.
WE'RE ON!! We can today confirm that the ‘Mary’ #Cardano protocol update is now fully confirmed for March 1st.
Another key milestone in the #Goguen rollout, the update introduces native tokens & multi-asset support, bringing exciting new use cases for #Cardano 1/3 pic.twitter.com/FFK0cGNbmD
— Input Output (@InputOutputHK) February 24, 2021
After “Mary,” Cardano will be a multi-asset ledger where users can issue tokens.
Cardano is about to become a multi-asset ledger! This means tokens beings exchanged directly on the Cardano blockchain. This is comparable to the ERC-20 token craze within Ethereum ecosystem.
ADA is going to go absolutely crazy! 🚀
If you don’t see it, I don’t know what to say.
— Dan | CCV | ⚡️ (@cryptorecruitr) February 24, 2021
Supporters claim Cardano will eventually flip Ethereum’s market cap:
Do I still need to tell anyone where #Cardano is actually heading?
— Dr. Shweta 🦅 (@Dr_shwetaPHD) February 24, 2021
Cardano Price Prediction
The ADA/USD uptrend is firm.
Week-to-date, the coin is up 19 percent, registering gains versus BTC and ETH.
From the daily chart, ADA bulls absorbed the selling pressure early this week. They are steady above the middle BB—a support line that’s been a loading point for buyers in the last two months.
Overly, the ADA/USD pair is in consolidation within a $0.25 zone with caps at $1.25 on the upper end and $1 on the lower end. Also, the failure of bears to confirm Feb 23 losses is supportive of buyers from an Effort versus Results point of view.
For buy trend continuation and registration of new 2021 highs, ADA prices must break above $1.25 with relatively high trading volumes, preferably exceeding those of Feb 20. This will open up ADA prices to $1.32—the coin’s all-time high, which is also the immediate buy target visible in the weekly chart.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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