Cardano (ADA) has been rallying ceaselessly since the middle of March when the whole market had plunged as a result of the panic caused by the COVID-19 pandemic. The foresighted traders with profound knowledge of Cardano’s competitive fundamentals should have used that opportune moment to take a long position on ADA and offload it 378% to the upside later.
We have already covered the basics of this coin’s fundamental value in our previous ADA price forecasts, so this time, we offer only a quick update on recent developments.
On July 7, the team announced that the code for the Shelley upgrade is to be made public on a corresponding tech platform that stirred a lot of excitement in the community.
Apparently, the code and the overall notion of the approaching upgrade were received favorably by the ADA holders and traders alike as the price has had another 65% bullish impulse during the period between June 28 and July 8, when it reached the climax at $0.133 and, presumably, transitioned to the state of correction.
The weekly chart below illustrates how confident and extended was the path of Cardano the upside in the last few months. After the market crash, the price of altcoin had taken a prominently bullish stance that must have brought loyal traders plenty of profits.
1-week ADA/USDT chart
Frankly speaking, this has been arguably a display of the most aggressive bullish push to the upside throughout the entire market, rivaled only by that of Elrond (ERD) and Chainlink (LINK). A 65% frog leap in just 28 days is quite an accomplishment for a veteran cryptocurrency that has finally broken into the top 10 ranks and settled at the 7th spot, with the improved market capitalization of $3,1 billion.
However, our ADA price analysis tells that the time of trigger-happy bullish action is up as the price got rejected near $0.133, the level that served as support during the landslide price action in August - November 2018. We believe that the bears have finally managed to disrupt the momentum because, for the first time since the inception of the rally, we see the red weekly candle opening below the close of the previous candle, which is a sure sign that the buyers are weakening their grip on the market. The showings of key indicators also confirm this notion:
In conclusion, ADA is finally getting a much-needed break from bullish efforts and will retrace to the determined support levels at $0.12 ( a moderately bearish scenario) or $0.09, should big players decide to offload more “passengers” before resuming the uptrend.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||78.4%||46||$36 410.71||-3.15%||-13.21%||$689 659 775 515|
|2||ETH||Ethereum predictions||69.6%||57||$2 430.21||-2.30%||-22.34%||$289 997 581 822|
|3||USDT||Tether predictions||95.2%||1||$1.000622||0%||0.03%||$78 240 790 130|
|4||BNB||Binance Coin predictions||66.4%||65||$369.92||-3.66%||-21.88%||$61 080 201 883|
|5||USDC||USD Coin predictions||94.4%||1||$0.999811||-0.05%||-0.08%||$49 085 018 067|
|6||ADA||Cardano predictions||67.6%||63||$1.057017||0.48%||-21.77%||$35 466 180 547|
|7||XRP||XRP predictions||76.4%||49||$0.606465||-2.74%||-18.52%||$28 950 772 806|
|8||SOL||Solana predictions||68%||63||$89.77||-6.58%||-34.53%||$28 274 902 670|
|9||LUNA||Terra predictions||65.2%||68||$59.41||-6.29%||-28.16%||$23 858 145 307|
|10||DOGE||Dogecoin predictions||66%||64||$0.141252||-2.70%||-14.09%||$18 739 956 152|
|11||DOT||Polkadot predictions||69.2%||69||$17.72||-5.62%||-27.64%||$17 502 509 817|
|12||AVAX||Avalanche predictions||68.4%||68||$64.05||-5.88%||-24.48%||$15 682 327 555|
|13||BUSD||Binance USD predictions||96%||1||$1.000554||-0.01%||0.02%||$14 549 407 961|
|14||MATIC||Polygon predictions||66.4%||72||$1.57||-2.05%||-24.41%||$11 682 467 913|
|15||SHIB||SHIBA INU predictions||66.4%||70||$0.000021||-4.07%||-25.75%||$11 318 924 897|
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.