Price Analysis

Investment On Cardano May Not Be Benefitting

Cardano is the home to ADA cryptocurrency via which one can send or receive digital funds. Although Cardano is still very infant to the world, it is considered as an exceptional cryptocurrency for its amazing technology that helps running financial applications of everyday use by various organizations, businesses, merchants and other individuals. As this platform is constructed in layers, it allows for more flexibility so that it can be easily maintained and can also enable easy updates by way of soft forks. This is the only blockchain which is developed from a scientific philosophy and is the only cryptocurrency to be developed by a global team of engineers and academics.

Present positions of Cardano (ADA)

ADA is currently getting traded at USD 0.040544 (UTC time 06:28). It is holding the 12th position in the present cryptocurrency market. Its current market cap has a trading value of $1,051,180,861 USD. At present, 25,927,070,538 ADA are in circulation in various crypto exchanges. Compared to its yesterday’s price, the value of ADA has got reduced by -4.91%. So, on the basis of its current value, it is obvious that ADA at present is running on a negative trend or is following a bearish trend line.

Price analysis of ADA on the basis of Cardano charts

Cardano chart

On the basis of the above chart, the current price of ADA is 0.040548 USD or 0.00001078 BTC (UTC time 06: 33). Its present market cap is currently getting traded at 1,051,300,128 USD. Its current 24h volume is 16,314,083 USD. The same above charts show that nearly one month back, the value of ADA was 0.038210 USD. If these two price points are compared and contrasted, we can say that within this one month, the value of ADA has been increased by 6.11%. Considering this one month, it is seen that the price range of ADA is on a bullish trend in which 0.036590 USD has provided a good support level.

Future price prediction of ADA

It is very hard to predict the price of a cryptocurrency in the upcoming days as the crypto market is highly volatile. The crypto analysts assume that Cardano has got an apt technological basis due to which it can attract more users in the future. According to the price prediction of Wall Investor, Cardano can be at $0.029 by the mid-2019, which indicates that there can be 50% loss on one’s investment by the current resistance level of ADA. Another group of analysts assumes that as Cardano has got a very strong team of developers, superior technology and being an open source platform, its price can be $2.50 by the end of 2019. So far long term price prediction of ADA is concerned, its value can be somewhere around $1.89 in December 2020.

Cardano is still really very unpopular to the majority world and the above prediction which states that its price can be approx. $2.50 is quite absurd for, Cardano must get popular to a very dignified extent to reach that level. But, considering its present status and past price ranges, it is evident that investors will not achieve anything big in this year from ADA and it can be a futile idea to invest on this on a long term basis.

Conclusion

ADA must get more recognition to increase its number of users and value. It is not a good option today for long term investment.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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