Cardano (ADA) Price Analysis: Extended Bullish Pressure Catapults Cardano’s Market Trend
Cardano (ADA) is a decentralized platform that allows complex programmable transfers of value in a secure and scalable fashion. Its main purpose is to send and receive digital funds and making direct transfers possible through the use of cryptography. Cardano is an efficient combination of Bitcoin and Ethereum. It is a two-layered system – one layer manages the DA exchange, and the other layer runs the smart contracts. The platform is being constructed in layers to facilitate the upgrades of a soft fork if required. Cardano also runs dApps and services which are not being controlled by any third parties. It is also the first peer-to-peer transaction system based on scientifically tested theories.
Cardano is the 10th largest cryptocurrency in the crypto market with its current value trading at USD 1,709,195,040 and the price per ADA values to 0.065923 USD for the 24h volume of $92,701,916 on March 28 at 16:24 UTC. The market cap value traded as low as USD 1000 million at the beginning of January 2019. Cardano’s market is in its prime with its MCAP value and trading price on continual growth. The lowest was on February 08 with the value of USD 942,970,088 which is lower by 81.26% than the current value. The market has been amplifying after that with a continuous uprising value. The MCap value reached the pinnacle of USD 1,751,625,917 and the pricing of 0.067560 USD on March 28 at 04:34 UTC. The current value USD 1,709,195,040 at 16:24 UTC is lesser than the highest value by 2.42% which is negligible. The burgeoning market is established by the 20-day EMA exhibiting an uptrend with the rise in trading price from 0.043511 USD to the current value by 51.51%. This price growth provides intense resistance support for the cryptocurrency. The magnifying market drives the cryptocurrency into bullish pressure.
The various technical analysis predicts that the bullish pressure would continue to be exerted on the cryptocurrency for a longer period. UsLifted crypto prediction site believes that the price would reach as high as 72.30 USD by the end of 2019 and would increase manifold by 2020 reaching a high price of 410.45. Smartereum gives conservative prediction with an increase in price up to 2.50 USD by the end of 2019 and further estimates the Cardano’s price for crossing 10 USD in 5 years’ time period. Price predictions by experts include Cardano being on a bullish pressure throughout the year without any declination, and its value would reach 40 cents mark. The price of ADA is estimated to surge sharply by July 2019 and reach a high of 0.41 USD by the end of the year.
The predictions might come out true if the current market trend is in place for the rest of the year. The prospering market is captivating for the buyers. The price of ADA has been on a stable increase without major fluctuations from the beginning of 2019. This works out advantageous for the investors both short term and long term. The inclining values would further hike with the traders’ contribution in the cryptocurrency. The cryptocurrency is no highly volatile, hence with the predictions in place; long term investors are in for a big-time profit with this cryptocurrency for a longer period time.