There are different digital currencies in the market, but Cardano is one of the leading currencies in the crypto world. It is also known as Japanese Ethereum. Experts believe it is one of the most undervalued cryptos in the list of top 10 cryptos.
This year, the value of the ADA has skyrocketed. Even in the current market volatility, the value of Cardano has been increasing, and it has become one of the best-performing cryptos in 2021.
High technical competence makes it a game-changer in the crypto world. It can handle thousands of transactions per second, and even the VISA Mastercard cannot handle such volume of transactions as Cardano.
Traders can find positive momentum in ADA because it is listed in the Japanese cryptocurrency exchange. It has a promising future because it maintains good connections with governments and large corporations worldwide.
These are some factors behind its rise:
- Unlike BTC and ETH, the price of the ADA is low, and people purchase several units at once.
- The market value has climbed significantly. It has signed an agreement with the Ethiopian government for many technical updates.
- The largest cryptocurrency has struggled with scalability, but Cardano comes with a solution for that.
- It can be used in different sectors because of its versatility. After the agreement, five million school children of Ethiopia get tamper-proof data with the help of the Cardano blockchain.
However, investors have to deal mainly with the price of ADA. Let’s dive into the price chart:
At the time of writing this post, the price is $1.26, which is standing at the support level. Like many other cryptocurrencies, it has been consolidating for the last few months.
MACD has created a bullish crossover on the daily chart, which is positive, but RSI is still below 40, meaning it is in the oversold zone. Though recent candlesticks are in the lower half of the Bollinger Band, it is still less volatile. The Moving Average line is also following the trend. In short, all the technical tools are neutral.
Moreover, it maintains the trendline (on the chart) throughout the year, suggesting that ADA will not break the trendline soon. Want to know more about Cardano price prediction? Visit here.
Is it the right time to invest? Indeed, Cardano is in the top 10 lists and has a high potential like Bitcoin and Ethereum. It is the right time to start accumulating Cardano for the long term because it is in the oversold zone.
For short-term investors, swing trading may be risky in Cardano; it would be better if you wait for a better opportunity or choose other cryptos.