Price Analysis

Cardano (ADA) Price Analysis: Can The Shelley Upgrade Save Cardano?

  • Cardano’s falling price is blamed upon the delay in Shelley Upgrade in Cardano.
  • The price target should rest at $1.5 by the end of 2019.

Cardano (ADA) is an open-source, privacy-centric and anonymous digital currency. It is written on complex Haskell programming language. A group of expert engineers and researchers are credited with the brainchild of Cardano (ADA). There is an upcoming and much anticipated Shelley Upgrade which is due in a month’s time. This has the potential to alter the course of Cardano.

Current Statistics-

Cardano

  • Cardano (ADA) is 10th largest coin in the global crypto market as far as market cap is concerned.
  • The ROI (Return on Investment) stands at 175.18%.
  • A total of 25,927,070,538 ADA coins are in current circulations.
  • The current market cap as on 10th May at 02:14 UTC stands at 1,551,127,127 USD.
  • The value of each coin stands at 0.059827 USD and 0.00000966 BTC.
  • The current 24h volume stands at 62,098,989 USD at the same UTC.

Comparison-

Cardano (ADA) has managed to grow with a stable pace since the start of this year until now. The uptrend can be seen after 21st March and the highest value was achieved on the onset of April. The highest point was achieved on 4th April at 0.098040 USD. This phase was followed by a price correction phase. But the recent trend of Cardano has been stable with a down trending outlook. The market cap on 10th April was 2,248,041,812 USD and the value of each coin was 0.086706 USD. The current market cap and the value of each coin are almost 31% less than the figures for last month.

Prediction-

The most awaited Shelley upgrade has the potential to change the destiny of Cardano in few months’ time. But the unusual and uncalled for the delay in the upgrade has worried the investors and many people are blaming this delay for this pale show of Cardano in the market.  However, Cardano’s team justified the delay with the complete newness of this upgrade and they added that this upgrade would be of a new class. We predict the coin to fall to 0.045 USD in the coming few weeks. Once the end of May does the upgrade, the value will start rising. Next resistance should be 0.09 USD. By the end of 2019, it should be somewhere around 1.5 USD.

Conclusion-

Finalization of the upgrade will be the perfect avenue for buying Cardano coins. Long term holding will be profitable.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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