Bitcoin
BTC$42 986.59

0.04%

Ethereum
ETH$3 324.59

0.55%

Binance Coin
BNB$489.67

0.02%

Tether
USDT$1.000479

0.01%

Cardano
ADA$1.49

12.17%

Solana
SOL$144.94

-1.08%

Cardano (ADA) Charges Strongly on All Fronts


May 2020

IOHK, the company led by Charles Hoskinson, who, along with James Wood, is responsible for the creation of Cardano (ADA), is one of the few blockchain enterprises that work relentlessly on improving the fundamentals behind the coin, and with a great deal of success. Naturally, their hard work pays off with ADA’s rapid price appreciation over the course of the past 30 days. To be more precise, the value of Cardano increased by 59.3% against USD, 31% against Bitcoin, and 7.2% in comparison to Ethereum’s price action. With that kind of progress, ADA could easily get a bump in the global rankings and get in the top 10, along with Chainlink (LINK), driving out the likes of Litecoin (LTC) and Ripple (XRP) that seem to have lost their mojo.     

One step closer towards Shelley


Just like Ethereum, Cardano has set itself a goal to make 2020 the year of fundamental breakthrough that could make it the most efficient and the most centralized blockchain in the space. That ambitious objective will be achieved through the all-encompassing upgrade of the current network version, called Byron, to the one dubbed Shelley that will allow for receiving staking rewards and running staking pools to support the future mainnet, in addition to the vastly increased transaction throughput and the obtainment of an unparalleled level of decentralization.

A few days ago, Charles Hoskinson announced that the first-ever block (zero-block) in the Shelley testnet had been generated on April 25. This event marked the launch of the closed beta-testing, which, in turn, could have served as a fuel for ADA’s massive price gain of 40% against USD and 20.4% against Bitcoin in a matter of a week.  

The expectations of traders and holders, regarding this technological upgrade are running high, to the extent that the globally renowned agencies rated Cardano’s solution, and the process of its adoption, as excellent, whereas Ethereum and Bitcoin turned out to be just “good.”

Taking all these factors into account, we reveal that our mid and long-term ADA price prediction is bullish, with a high probability of its price renewing the 2-year maximums at $0.1 and ultimately going as high as $0.12 by the tail end of 2020.

Gains all around


The positivity that comes from fundamental improvements is now multiplied by the hype that surrounds the Bitcoin halving, which is due to happen in three weeks. Thanks to that, the price of Cardano has been growing ceaselessly since April 20.

1-day ADA/USDT chart

During that time, ADA has penetrated through all three crucial exponential moving averages and is now looking to settle above the 200-period EMA, thus confirming its intention to go bullish. We expect that the upcoming retracement will create a bullish flag, with price sliding restfully to $0.0042. The next price target is going to be $0.051, which is a firm historical resistance, although ADA’s ultimate level for the next two-three months is $0.062, breaking which will open the road to a fully-fledged secondary bull market.

1-day ADA/BTC chart

The situation in the ADA/BTC market holds an even greater promise for the altcoin as the price has already begun testing the local high at 6,200 satoshis, although here we also expect a pullback to 5,670 sats before it can make a run for 7,000 sats. In this trading pair, the outlook is even more bullish as the EMA’s are hinting at forming the golden cross.

Author: Alex Paulson for Crypto-Rating.com

Related

Cardano (ADA) Price Prediction for 2025 and 2030: Will Hoskinson's Creation Become the Real Ethereum Killer?
Cardano (ADA) Price Prediction for 2025 and 2030: Will Hoskinson's Creation Become the Real Ethereum Killer?
Cardano (ADA) Is Solidifying the Range
Cardano (ADA) Is Solidifying the Range
Cardano (ADA): Reversed to the Upside But Could Get Range-Locked
Cardano (ADA): Reversed to the Upside But Could Get Range-Locked
Cardano (ADA) Sees a Deepening Correction
Cardano (ADA) Sees a Deepening Correction
Cardano (ADA) Is This the End of a Massive Rally?
Cardano (ADA) Is This the End of a Massive Rally?
Cardano Is Landsliding Despite the Launch of Hydra
Cardano Is Landsliding Despite the Launch of Hydra
Cardano (ADA): a Pullback Shouldn’t Cancel the Uptrend
Cardano (ADA): a Pullback Shouldn’t Cancel the Uptrend
Cardano: Unimpressive in 2019 - promising in 2020
Cardano: Unimpressive in 2019 - promising in 2020
Cardano (ADA) Price Forecast for January 2020
Cardano (ADA) Price Forecast for January 2020

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 73.2% 55 $42 986.59 0.04% 2.42% $813 808 197 518 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 66.8% 67 $3 324.59 0.55% 5.33% $396 260 918 145 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 70.8% 52 $489.67 0.02% 11.34% $81 677 749 733 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 96% 1 $1.000479 0.01% 0.04% $78 437 106 160 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 72.8% 52 $1.49 12.17% 27.29% $49 825 219 238 ADA 7 days price change
6 Solana (SOL) SOL Solana predictions 65.6% 76 $144.94 -1.08% 2.74% $45 512 628 460 SOL 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000515 0.13% 0.05% $45 495 216 189 USDC 7 days price change
8 XRP (XRP) XRP XRP predictions 68.8% 58 $0.775800 0.01% 2.97% $36 977 057 118 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 72.8% 59 $86.40 1.25% 17.82% $30 978 610 903 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 72.8% 53 $26.85 -3.21% 8.76% $26 516 978 069 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 78% 46 $0.173940 -3.38% 14.90% $23 076 697 406 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 62.4% 76 $90.88 -1.31% 2.12% $22 208 035 214 AVAX 7 days price change
13 Polygon (MATIC) MATIC Polygon predictions 74% 54 $2.43 4.78% 15.12% $17 783 193 803 MATIC 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 71.2% 59 $0.000030 -0.89% 5.66% $16 471 177 724 SHIB 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $0.999092 -0.17% -0.14% $14 434 082 408 BUSD 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.