Bitcoin
BTC$43 081.91

1.35%

Ethereum
ETH$2 973.82

2.01%

Cardano
ADA$2.27

-2.69%

Tether
USDT$1.000723

-0.06%

Binance Coin
BNB$342.55

-2.18%

XRP
XRP$0.942011

0.16%

Cardano (ADA) Charges Strongly on All Fronts


#Cardano

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

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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 81.2% 35 $43 081.91 1.35% -8.98% $811 087 159 268 $32 566 242 601
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $2 973.82 2.01% -10.60% $349 960 860 996 $21 587 502 761
3 Cardano (ADA) ADA Cardano predictions 62.4% 80 $2.27 -2.69% -2.67% $72 581 341 919 $5 657 027 599
4 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000723 -0.06% 0.06% $68 592 541 921 $78 405 017 855
5 Binance Coin (BNB) BNB Binance Coin predictions 66.4% 69 $342.55 -2.18% -15.33% $57 594 887 329 $1 834 859 342
6 XRP (XRP) XRP XRP predictions 72% 52 $0.942011 0.16% -11.07% $44 008 512 090 $3 471 846 458
7 Solana (SOL) SOL Solana predictions 66.8% 73 $134.99 -3.62% -13.48% $40 130 984 296 $2 394 353 078
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10 Dogecoin (DOGE) DOGE Dogecoin predictions 62% 77 $0.204356 -1.83% -12.96% $26 862 009 468 $1 490 518 775
11 Avalanche (AVAX) AVAX Avalanche predictions 61.2% 87 $67.41 -4.29% -4.38% $14 849 661 345 $1 216 715 313
12 Terra (LUNA) LUNA Terra predictions 69.2% 59 $36.08 -4.62% 4.12% $14 432 557 786 $1 639 919 020
13 UniSwap (UNI) UNI UniSwap predictions 65.6% 74 $22.79 17.61% -3.84% $13 937 536 203 $1 041 192 676
14 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000271 -0.06% 0.03% $13 693 035 619 $5 465 909 777
15 Chainlink (LINK) LINK Chainlink predictions 67.2% 70 $24.73 9.02% -10.79% $11 252 316 912 $1 925 712 695

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