Cardano Price Analysis: ADA Sandwiched Between Strong Levels
Daily Cardano ADA Price Forecast
- Cardano price has strong resistance at $1.35.
- The parabolic SAR has flipped from negative to positive.
Between April 28 and May 4, the Cardano price has been hovering between the $1.35 resistance barrier and the 20-day SMA. Prior to that, ADA jumped from $1.09 to $1.33 between April 26 and April 28. During this upward surge, ADA managed to flip the 20-day and 50-day SMAs from resistance to support. Finally, after this horizontal movement, the buyers took control.
Cardano Price Finally Breaks Free
The Cardano price jumped up from the 20-day SMA to grow from $1.28 to $1.485. The parabolic SAR has reversed from negative to positive. Finally, the relative strength index (RSI) has not yet entered the overbought zone, so a further upward movement is in the cards.
Image: ADA/USD daily
Cardano price has strong support at $1.35. Previously, at this level, nearly 100,000 addresses had purchased 1.87 billion ADA tokens.
Cardano Price On Track To 3x Gains, Says Crypto Lark
Crypto influencer Lark Davis recently said that Cardano (ADA) and Ethereum (ETH) are gearing up to rally by 300% from the current prices. Davis took to Twitter and YouTube to share his views on the future of ADA and ETH as the overall crypto market surpassed more than a $2 trillion market cap.
According to Davis, Cardano could surge in price before it launches smart contracts on the platform.
Cardano smart contracts in August will probably see the price double in triple in the lead up to the event.
In January, Davis predicted that ADA would easily sail to $1.00 and likely hit $4.00 or $5.00 in the long term. About Ether, Davis said that it is poised to appreciate by at least 300%, noting that buying ETH under $3,000 is still a steal.
In 2021, Ethereum becomes deflationary and moves to proof of stake. Buying under $3,000 is still cheap.
Davis suspects ETH will reach $10,000 during this bull market. Davis noted that $10,000 per coin will put Ethereum at a $1.2 trillion market cap, which is a reasonable valuation considering the platform’s dominance in the space. Even though Ethereum has plenty of competitors, Davis still believes that the blockchain will continue to act as the backbone of the crypto space.
This is the fundamental smart contract platform. It is the beating heart of the cryptocurrency industry. Things are priced in Ethereum. You see it being the heart of DeFi (decentralized finance), the heart of NFTs (non-fungible tokens), token launches, all other stuff. And yes there are many other blockchains coming up…
Cardano Price Is Expected To Reach These Levels
The Cardano price will probably jump past the $1.50 psychological level before it gets overbought and faces bearish correction.