Eyes on Cardano: ADA/USD and ADA/BTC Traders Expect a Moonsling
The gyration of crypto prices is unparalleled. This feeds volatility lovers and day traders who are minting money right now.
A case in point is Cardano.
Year-to-date, ADA prices are up a cool 27X, technically outperforming BTC and ETH in that regard.
Like other assets, ADA prices dipped last week. Depending on which part of the divide you find yourself in, Cardano proponents can’t be convinced otherwise.
ADA/USDT traders are waiting for the moon with laid-out plans.
ADA/USD Buys were below $1; Bulls are not late
Take, for instance, one prolific analyst P_S_trade on Trading View. He says those who didn’t hitch the ride below $1 may be missing an opportunity for another wave higher.
The analyst notes the BTC-induced contraction of last week as an opportunity to test various crypto projects. He maintains that those with more robust fundamentals will snap back and grow in the medium term in his assessment. Meanwhile, others will remain in consolidation at best.
ADA/USDT is already breaking above key resistance levels, bouncing back from below $0.90-$1 zone where bulls were “banally waiting” to buy the dips considering what’s head for ADA.
Notably, there was considerable buying power at the support zone, indicating that the uptrend is firm and the odds of trend continuation are elevated.
If this is the case, those who missed the train aren’t too late since ADA is only a couple of cents above $1.
The ADA/BTC Chart is “Just Beautiful”
Yet, for others, the current ADA setup is just beautiful. It is especially so considering events in the ADA/BTC chart.
According to BitcoinMacro, the ADA/BTC price remained in consolidation for longer to explode higher.
And this is exactly what typically happens. Technically, the longer prices remain in range, the stronger the breakout. In the ADA case, Cardano prices were for a protracted period—over three years, in range against both USD and BTC before breaking above critical resistance levels in Q1 2021.
Since the breakout was upwards, the three-year oscillation was accumulation—a shot in the arm for buyers. After periods of extended growth driven by various fundamentals, ADA/BTC could be on the cusp of another wave higher.
BitcoinMacro specifically notes the listing on Coinbase as a “big plus,” especially since ADA’s interest is surging.
This is the required impetus that would pump ADA higher now that “all supports” have been retested.
Furthermore, the last big drop “took out everyone.” What remains is, therefore, a beautiful setup to load.
What Makes Cardano (ADA) Super Attractive for Bulls?
So, okay, if Cardano buyers are super bullish on ADA’s prospects, what could be the force behind their optimism?
Well, there are several. First, the mega partnership IOHK struck with the government of Ethiopia is the needed jet fuel for ADA.
Cardano will power Ethiopia’s educational system now that the blockchain platform is part of the country’s Digital Transformation Strategy.
Cardano will build a blockchain-based ID and attainment record system serving over five million students through this deal.
We couldn't make you wait until Thursday! We're announcing our partnership with Ethiopia's Ministry of Education to create a blockchain-based national ID and attainment recording system. Rolling out to 5M students, this is the world’s largest blockchain deployment #CardanoAfrica
— Input Output Media (@IOHKMedia) April 27, 2021
Compare this to the most active dApp according to DappRadar, and you get a magnitude of this deal to Cardano and the blockchain world:
To put the 5m students in Ethiopia that are about to start using #Cardano into perspective, according to https://t.co/ZSWorkMv4H the most popular dApp on #ethereum had 617k users in the past 30 days. pic.twitter.com/NU9OQSI0z5
— Sunny (@sunnycardano) April 27, 2021
It is not the first time Cardano is working on an African project. Before that, they have a footprint in Kenya, South Africa, Nigeria, and plans to expand to other countries within the region.
That’s not all. Cardano is now decentralized after the Cardano Foundation handed over control to staking pools.
At the same time, the platform plans to activate smart contracts, launch DeFi. Last week, Project Catalyst allocated $50k to builders of the first DEX in Cardano, Cardax.
Disclaimer: Opinions expressed are not investment advice. Do your research.
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