As the symmetrical triangle reaches its confluence region, the price of Cardano is on the verge of breaking out. Cardano is one of the world’s most famous cryptocurrencies. Cardano started the year 2021 with a trading price of $0.18 at the beginning of the month. Since then, a large number of fluctuations can be seen in the data.
Cardano’s price began in February with strong bullish momentum, after finishing January, consolidating at $0.350. The price suddenly broke above the $0.40 mark towards the end of February 1, leading various industry experts to give their ADA coin prediction. The bulls resumed their rally after briefly consolidating below the $0.450 mark, bringing the rate above the $0.50 mark.
The ADA price currently trades at $1.12, 25% down from its all-time high this year. In the last seven days, its market capitalization has fallen 11% to $35.62 billion.
Background and Updates of Cardano
Background: Cardano is a decentralized blockchain network that aspires to be a major player throughout the industry. It’s a well-known Ethereum competitor that developers predict will become a major player in various industries, including healthcare, banking, and education. The Cardano network functions through the native token ADA, named after Ada Lovelace.
Updates: Developers have been working on a big “Mary” update as part of the Goguen era for the past few months. “Mary” is a part of the Goguen era that will be set in motion Cardano-style smart contracts to the platform, enabling it to support decentralized applications similar to Ethereum, making it a viable competitor.
Factors Affecting ADA Predictions:
The ADA coin predictions are influenced by various factors, some of which are:
- The ongoing increase in Bitcoin Prices
- New updates in the Goguen era, lined up for later this year
- The recent hike in Decentralized Finance (DeFi)
- Cost surge for using the Ethereum blockchain
Cardano Price Forecast for the Near-Term
Technical analysis of the price map showed that Cardano’s price had formed a symmetrical triangle pattern. According to technical analysis, when this trend enters its confluence region, it is usually accompanied by a bullish or bearish breakout. But a closer examination of the trend reveals that the ADA price is forming a head and shoulders trend.
These analyses indicate that Cardano’s price may break-lower soon. In this situation, the next price level can go around $0.9920. This will result in a price decline of about 12% below the current price, along with the lowest level, as witnessed on February 12.
Expectations from the future
The rapidly expanding crypto industry has now reached almost every corner of the globe. A few ventures are performing exceptionally, with the industry expecting a promising future for cryptocurrencies due to their superior technology.
Cardano is based on a programming language used in military infrastructure and other high-profile industries, making it highly useful and interesting to many sectors. Some experts believe that Cardano may also be used to discourage potential counterfeiting in the future.
With these many future possibilities for growth, it’s unlikely Cardano will lose its place in the cryptocurrency and blockchain market. As such, investors should regularly follow ADA coin predictions to stay updated and be in Cardano’s business for the long-term.