Home Cryptocurrency Can Cardano stage 50% surge and set new ATH

Can Cardano stage 50% surge and set new ATH

by Serge Shlykov

Cardano is one of the biggest gainers of 2018, having gained as much as 156% since the beginning of the year. Part of the reason is that the recent Consensus Conference in New York was a huge success for the blockchain project. Not only did the founder Charles Hoskinson get a lot of attention for his predictions on Bitcoin and Ethereum, he also announced a list of notable partnerships with large companies. In a recent conference in London, Hoskinson spoke about these developments and why he is confident that Cardano will be able to set new all-time highs soon.

Recently, the crypto market has been able to overcome the bear trend, which began in November 2017. In fact, the market has grown so much in the past few days that many investors are wondering if Cardano (ADA) is about to skyrocket. In fact, there are some indications that this may be the case. First, Cardano (ADA) has recently partnered with the Ethiopian government. This means that with the support of the Ethiopian government, Cardano (ADA) is bound to attract more users, both individual and institutional.

The market of cryptocurrencies is a new and volatile one. This is one of the reasons why many investors are reluctant to get involved in it. But those who do, get to enjoy a profitable and exciting ride. One of the recent altcoins that has gained a lot of attention in the past few weeks is Cardano. It is among the best performers in the recent market rally. Cardano has gained more than 50% in a single day. However, more importantly, it has set a new all-time high.. Read more about cardano price prediction and let us know what you think.

Summary of the situation

  • The price of Cardano is still at an all-time high of $2.52.
  • The RSI adjusts to overbought conditions.
  • Cardano is heavily undervalued and could reach $10 by the end of 2021.

Cardano price movement: Price Overview

While the crypto-currency world crashed this week, the price of Cardano (ADA) miraculously hit an all-time high of $2.5 on the 5-day chart. However, this stay at the top was short-lived and the currency came under massive selling pressure, falling to $1.8.  Cardano ranks fifth in the top ten cryptocurrencies by market capitalization (Coinmarketcap) with a capitalization of $31 billion.  Altcoin remains optimistic ahead of the launch of smart contracts in August 2021. Experts believe it would be an excellent candidate for the next payment currency that Tesla accepts. ADA started 2021 at $0.41 and is now trading between $1.5 and $2.5. In the future, we can expect Cardano to compete with giant currencies like Bitcoin and Ethereum, given the ease of use and scalability of the blockchain. Now let’s take a look at Cardano (ADA) price action and see what technical factors lie ahead. Cardano (ADA) failed to break through resistance above the ATH, which was just above at $2.75, as well as the 1,618 Fibonacci extension level. Although the Bears managed to make the run on May 16 and move into oversold territory, the Relative Strength Index (RSI) is correcting into overbought territory and the Bulls could take over at any time. It also proves that there is a better chance of overcoming further resistance and setting new goals before the optimum is reached. Cardano Price on Daily Chart (Source: Tradeview)

Cardano price movement in the last 24 hours

On the 24 hour chart, the technical indicators are not showing anything good. Cardano (ADA) is already in a bearish channel around the $1.66 price area, which also looks to be support if price moves back up from this point. The current price at the time of writing is $1.73 and the next resistance level is at $2.00 and the 50% Fibonacci expansion level. ADA bulls hope to capture this price level and retest the current all-time high or make a new ATH above $2.6 and $2.70. On the daily chart, the currency reached a 24-hour high of $2.02 in early morning trading, followed by a decline to a daily low of $1.66.  Bulls are worried that downward pressure will win out over buying pressure and the currency is hovering close to the psychological support level of $1.00. Cardano in the daily chart (Source: Tradeview) Can Cardano stage 50% surge and set new ATH

Cardano course movement 1 hour

The hourly chart also shows a bearish channel and an attempt to establish support at $1.65. Sharp edges are marked on the chart, indicating strong bulls and bears in the short term. This also shows an accumulation range with price resistance around the 100-hour MA at $1.73. Price movementCardano on the daily chart (Source: Tradeview) Can Cardano stage 50% surge and set new ATH

Supplement

Cardano has many plans, including the launch of smart contracts in August and a partnership with the Ethiopian government to offer blockchain services. Previously, experts have stated that Cardano (ADA) was severely undervalued. For example, Coinpedia predicts that the cryptocurrency could reach $10 by the end of the year.  With these predictions and optimistic sentiments, Cardano is likely to raise the bar and reach new heights in the coming months. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Cardano is currently in the 13th position among the cryptocurrencies with a market cap of $1,542,053,067 USD. Its price is $0.098676 USD with a circulating supply of 25,927,070,538 ADA. Cardano has been trading in a positive zone and has been seeing series of higher highs which might result in a breakout. The 21-day SMA and the 50-day SMA are above the current price which indicates that the bullish momentum is strong. The RSI is at 50 while the price is above the average which indicates that the downtrend will continue.. Read more about cardano price prediction 2030 and let us know what you think.

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