The crypto market is in a bullish circle, and like any bullish circle, the price of every coin is expected to moon following the trend of their leader, Bitcoin. However, some coins are usually unmoved by a bullish market trend and only progress on their terms. Cardano is one such coin.
Cardano has been building momentum since 2020 in an upward trend trying to reach and surpass its initial all-time high of $1.3. This slow but steady progress is often confused by many as a sign of a coin with a poor use case. However, experts see a pattern, and they are now predicting that Cardano might just be on the verge to go bullish soon.
Crypto experts predict that the price of Cardano will likely rise again at some point in the future. But before you conclude from this historical deduction, there is more to why ADA is considered cheap at its current market price.
Cardano's price is cheap. For a coin with many projects going for it; the upcoming launch of GOGUEN, DApps, and rumoured PayPal listing, the coin should be worth much more.
But then, in Crypto, implementation of adoption is never immediate. It takes time before a coin can begin to manifest the effects of its adoption. You can read about a major partnership deal signed by the founders of a project today, and there will be no direct impact on the price of that coin. The price of the coin will build up, and within the space of a week, months, or even years, it could skyrocket. This is the place of predictions and forecasts.
Economic experts understand these trends and advise people accordingly. This is why the price of Cardano is considered so cheap at this time.
Why Has Cardano's Price Dropped So Much?
Currently trading at $1.02, Cardano's price has dropped so much primarily because of the Crypto market trend this week.
However, there are lots of other reasons why Cardano's price has dropped. Back in 2018, when altcoin rode with the tide of Bitcoin's Bull Run, it was easy for any coin to moon. And when Bitcoin began to terrace, it was a bloodbath that saw many coins bleed out of the Crypto market.
Cardano got its fair share of the bloodbath. Then, there was no need to dig into the analysis of why altcoin crashed eve of 2018, Bitcoin's price retrace was enough reason. Yet, some experts did go deep in their findings.
Cardano's price crash was expected. It had poor public relations, confusing policies, and a lot to be implemented projects, and these things persist till today. Some of these issues persist. You have to give credit to Charles Hoskinson. The success of the Shelly main test net and a now regularly updated website has resolved the poor public relations Cardano had, and now GOGUEN’s launch is closer than you can think.
Will Cardano's Price Grow?
Cardano has received loads of hype this year alone and is always in the news for either a project that is about to launch or a rumored partnership, and this trend is good for price growth in cryptocurrency.
For a coin that doubles as Ethereum's little brother and at other time referred to as Ethereum's killer, its price will grow past what we see today.
Cardano is a growing network. Cardano has a fast-growing network. As earlier explained, the hype is good for an altcoin. Hype sometimes translates as mass adoption, which, if not leveraged with projects and a good use case, can die abruptly and kill the coin. But in this case, Cardano has projects to keep up with its hype. In a sense, the projects Cardano has ongoing within its structure are undermined by its hype, and this indicates that a price surge is imminent.
Again, prices of cryptocurrencies do not just erupt, it takes a very long process of building momentum. As a mid-year 2020, Ethereum traded less than $200.
Is ADA Worth Buying?
Investing in crypto today is an essence in gaining financial freedom and stability. So when you ask, is ADA worth buying? You are curious about the crypto market itself.
Cryptocurrency is still in its early stages. Yes, it is worth over 2 trillion dollars in market value, yet, it's nowhere near its projected peak. This concept holds for Cardano.
Cardano's currently market cap sits around $32 billion and still at 18% of its realization. ADA price this year ranges between $1.1 and $1.5, and it is predicted to touch $1.9 before the end of 2021. This indicates that Cardano is very active, and of course, in an upward trend.
Some experts think the price of Cardano will rise again. Forecasts made by investors on platform determine that Cardano may be able to go as far as $5 in the next few years.
Now is the best time to consider adding Cardano to your crypto portfolio. The projects are right there in the works, and some have been implemented. ADA has so far maintained a predictable price trend - which is good and accumulating a strong volume daily.
The market cap of a coin, its 24-hour volume, and trading price are useful information you need at hand when making purchasing decisions in the crypto market. And to this end, ADA is a safe bet.
Read More: Is Cardano Worth Buying
Will ADA Bounce Back?
Reaching and surpassing its highest all-time high of $1.3 should require less effort for ADA. Cardano, at the time of writing trades at $1.01, had touched $1.2 sometimes last week. If it does not breach the $0.9 price point, which is its all-time low for the year, ADA is still in an upward trend, and all predictions remain valid. That is, you can expect ADA is set a new all-time high of $1.9 before the end of the year 2021.
However, you cannot be 100% sure of what the crypto market will do, it is highly volatile. Yet, the volatile nature of the crypto market does not invalidate certain rules that have been tested and have worked overtime. One of such rules is the support and resistance rule, and in this case, the resistance is $0.9.
So the question is not will ADA bounce back; rather, how soon will ADA bounce back? While you are at that, note that ADA is at a sweet buying spot if you want to maximize your returns.
Check Out: Could Cardano Be a Millionaire-Maker Coin?
Is ADA A Good Investment In 2021?
The crypto year 2021 for ADA is predicted to close on a new all-time high of $1.9. Its price is forecasted to range between a minimum price of $1.2 and an average price of $1.5.
ADA has touched $1.2 and retraced, and if this implies that, you can consider TradingBeast predictions for ADA. So far, it is within its forecast.
The reliability of predictions and analysis partly influences purchasing decisions. Use cases of a coin is also a major determinant. Asides from news of the GOGUEN launch, Charles Hoskinson hints at the full integration of Voltaire into Cardano's ecosystem. Voltaire refers to the formation of the decentralized government of Cardano.
Though in its beta stage, Voltaire is already gaining traction amongst crypto users and, by implication, expanding Cardano's user base.
This kind of news are pointers to a possible increase in the price of ADA in the nearest future, and in a sense, they are investment clues.
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