Bitcoin
BTC$42 798.37

-0.61%

Ethereum
ETH$3 288.08

-0.93%

Binance Coin
BNB$486.03

-1.28%

Tether
USDT$1.000293

-0.01%

Cardano
ADA$1.47

9.41%

USD Coin
USDC$0.999403

-0.03%

Cardano (ADA) Price Forecast for January 2020


December 2019

The crypto market currently still experiences major drops, with major coins losing anywhere between 2% and 10%. Even Cardano (ADA), which is otherwise relatively stable when compared to most other cryptos, currently sees a 6.04% drop in its price.

The coin currently sits at the 14th spot on the list of largest cryptos, with a market cap of $827.43 million, and a price of $0.031914. Many are wondering whether or not ADA might recover from this drop-in days to come, which is what we wanted to explore, as well. First, however, we believe that it is worth taking a look at the coin's past and analyzing it for clues as to what its future might hold.

Cardano's past performance


Cardano was launched back in early October 2017, just before the crypto price surge that is still one of the most important events in crypto history to this day.

When it emerged, the coin had a price of around $0.025. However, in less than two months, it started surging alongside the rest of the market, eventually reaching its ATH at $1.10 in early January 2018. Like every other cryptocurrency, it soon dropped from those heights and it sank all the way down to $0.17, before joining another, smaller surge in April 2018.

This time, ADA did not go as far as some other cryptos, such as EOS, which exceeded its January high during this second surge. Cardano only climbed up from $0.17 to $0.35 before the bear market returned, and the crypto winter continued.

From that point on, Cardano was in a constant, but steady, drop which only ended around December 20th, 2018. When 2019 came around, ADA actually spent the first few months of the year relatively stable. It did see some fluctuations, mostly between $0.4 and $0.5, but it usually remained within those two levels. Then, in mid-March, the coin started to surge, and it reached its highest point in 2019 only two days after BTC started growing.

This was when Cardano hit $0.1, which is the level that instantly rejected its price and forced it to drop to $0.59. However, Cardano soon returned and attempted to breach the resistance at least four more times. It did not follow Bitcoin's lead, but it did enjoy the strong market, which allowed the coin to make multiple attempts at its strongest resistance without crashing too deep.

Unfortunately, when Bitcoin crashed and led the market back down, Cardano was forced to follow. The coin crashed to $0.05 very quickly, and it struggled to remain above this level for several weeks. When the support finally gave in, ADA also spent several more weeks trying to breach it and grow back up. Then, in late September, it finally gave up and dropped to $0.04. It spent two months around this level, going above it and below it, but never going too far from it.

At least, until now. In late November and the entire December, ADA was below this level, and it is currently approaching its next big support at $0.03.

Where will Cardano go next?


Cardano is a project with a lot of potential. The project is well-known for the fact that it doesn't rush things, especially when it comes to its own development. Its developers have been taking their time, ensuring that each new update is in perfect condition before applying it.

In a few years, Cardano might be one of the strongest projects in the crypto industry, provided that it survives that long. As such, many view it as a good long-term investment.

As for its price in the short term, Cardano has shown that it does not exactly follow Bitcoin's lead. There are many coins whose performance directly mirrors that of BTC, and almost every spike or drop on the chart is the same with BTC.

This is not the case with ADA. ADA seems to follow its own path, although its performance is often conditioned by the market sentiment. In other words, ADA is likely to grow when investors are optimistic, even if Bitcoin has not led the surge yet. However, when the market trades in the red, ADA cannot go against such a powerful trend on its own.

This independence from BTC is a good thing for any cryptocurrency, as it shows initiative. However, there is no doubt that BTC is the most dominant coin in the industry, and when it decides to drag the market down, Cardano will have to obey, as we can see right now. Still, as soon as the market stabilizes, ADA might try to regain what it lost, and at least return to $0.4 or even $0.5, which might happen in 2020. And, if BTC happens to lead another bull run, Cardano is more than likely to follow.

Author: Ali Raza 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 (ADA) Charges Strongly on All Fronts
Cardano (ADA) Charges Strongly on All Fronts
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

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 $42 798.37 -0.61% 1.96% $810 244 910 076 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68% 68 $3 288.08 -0.93% 4.18% $391 908 921 176 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 70.4% 52 $486.03 -1.28% 10.69% $81 070 817 335 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 96% 1 $1.000293 -0.01% 0.02% $78 422 507 589 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 75.6% 52 $1.47 9.41% 26.14% $49 180 930 341 ADA 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $0.999403 -0.03% -0.13% $45 444 626 250 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 65.6% 78 $143.58 -2.42% 2.15% $45 085 165 160 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 71.6% 58 $0.770542 -1.02% 2.14% $36 726 427 109 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 70% 59 $83.96 -2.70% 15.15% $30 105 929 387 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 71.6% 53 $26.64 -5.58% 6.85% $26 304 651 272 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 76.8% 46 $0.171858 -4.91% 13.62% $22 800 590 095 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 63.6% 76 $90.03 -2.50% 1.10% $21 999 747 677 AVAX 7 days price change
13 Polygon (MATIC) MATIC Polygon predictions 71.6% 54 $2.40 2.86% 13.87% $17 560 566 970 MATIC 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 70% 59 $0.000029 -3.15% 3.87% $16 190 359 531 SHIB 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 94% 1 $1.000887 -0.02% -0.04% $14 460 011 930 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.