Cardano Price Prediction: ADA Aims To Take Down $2.50

Daily Cardano ADA Technical Analysis

Last Updated August 20th 2021
2 Min Read
  • The Cardano price has two straight bullish sessions.
  • ADA reversed the parabolic SAR to positive.

The Cardano price has jumped from $1.92 to $2.36 over the last two days. ADA reached an intraday high of $2.45 before dropping down to current levels. During this rise, Cardano managed to reverse the parabolic SAR from negative to positive. The MACD indicates rising bullish market momentum,

Cardano Price Makes Up For Previous Losses

Between August 15 and August 17, the Cardano price fell from $2.20 to $1.92 – dropping below the $2 psychological level. Previously, between July 21 and August 14, ADA had jumped up from $1.05 to $2.20 – flipping the 20-day, 50-day, and 200-day SMAs from resistance to support.

Image: ADA/USD daily

ADA/USD daily chart 082021

The Cardano price faces immediate resistance at $2.11. Previously, at this level, more than 37,000 addresses had purchased nearly 860 million ADA tokens.

Image: IntoTheBlock

ADA/USD volume chart 082021

Cardano’s New Staking Addresses Grows 24%

Data provided by Pooltool, a Cardano data aggregating tool, has indicated that ADA’s staking wallets have exceeded 754,978. Compared to June 3, 2021 figures, the platform has added over 146,506 wallets representing a growth of about 24+%. 

The wallets translate to $46.91 billion in ADA’s staked value accounting for 71.25% of the $65.8 billion total supply. The increase in Cardano’s total staked wallets comes ahead of the Alonzo Purple upgrade slated for September.

Cardano is benefitting from the general interest around staking within the crypto market. In July, banking giant JPMorgan released a report projecting that the staking industry would be worth $40 billion in rewards by 2025. As a pioneer of staking, ADA is benefitting from the positive press.

Recently, ADA staking has been made available to most investors, with several platforms increasingly giving investors exposure to Cardano staking. Recently, Canada’s publicly-traded company iMining included Cardano to its list of supported assets for its staking services. The initiative is targeting institutional investors. Elsewhere, investors can stake ADA through the U.S.-based cryptocurrency exchange Kraken. 

The growth in ADA-staked wallets can also be attributed to Cardano’s staking model. The platform offers consistent rewards that are often distributed to stakers. Additionally, ADA is simple to understand and more accessible to the average investor while offering an ower barrier to entry than competitors.

Furthermore, the upcoming upgrade correlates with increased activity on the Cardano network that has impacted the token’s price. The upcoming September upgrade ​​will see the network integrate smart contracts. The smart contract introduction is a significant milestone for the network competing directly with Ethereum. This latest update follows the White hard fork. 

According to the CEO of Cardano, Charles Hoskinson, users will be able to run smart contracts the moment the hard fork comes on.

Cardano Price On-Chain Analysis – Santiment

ADA/USD santiment chart 082021

"#Cardano just scraped within a single cent of its $2.46 #AllTimeHigh, seeing resistance as it reached the $2.45 just 15 minutes ago. Regardless, the +15% price pump is a welcome sight, & enough to propel it to be the top asset on Emerging Trends."

Cardano Price Is Expected To Reach These Level

The Cardano price must break down the $2.50 psychological level and reach new all-time highs.

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