Cardano (ADA) Short & Long Term Price Predictions

Welcome to our first price prediction article. For this one, we chose a less risky cryptocurrency such as ADA. ADA now has a +2793% ROI for hodlers of ADA. However, the ROI exceeded 30,000% when ADA reached its previous all-time high. But can ADA rise to its all-time high again or will slowly decline over  time? Let’s try and answer this question.

Cardano Price Predictions

The first price prediction comes from DaniilDegtyarev. As he pointed out, Cardano seems to have touched the bottom in the last price drop and should move forward from now on. His prediction foresees an increase in price between 70% and 460% until February 2019. According to him, ADA has reached its lowest point or will touch one between $0.062 and $0.07 in the short future – followed by an increase of 5 cents or even a possible 32 cents. In case you want to try his strategy, you can also go long on Bitmex and earn more profit.

The second interesting Cardano price prediction is a short-term one made by Coinkilavuz on TradingView. He claims that if Cardano will stay above $0.06957 – we can expect to see a small increase to $0.07372 in the short future. He claims that the increase could come in a few days, as the price will recover to the 29th October’s price track. But of course, for this to happen – Bitcoin needs to keep it’s current price at least – if not increase by 1-2%. If it happens as he claims, there would be a nice profit for the people who went long on this on Bitmex.

The 3rd Cardano price prediction is made by Turningmecard. He claims that Cardano is on a ‘dark downtrend channel’, but its extremely possible to exit this one in the short future .As we notice from the chart, there’s a falling wedge which probably needs another leg down – possibly bringing the ADA price to a 4-5 cents before a reversal. But, he thinks that for now Cardano have a bearish pattern that will not change in the short future – so most likely the wise decision would be to wait for it to reach 4-5 cents and see how the market is doing then.

However, the next trader is a bit more optimistic about ADA’s future. Lukyn406 thinks that an ABCDE pattern followed by a basic 5 wave sequence is the future for Cardano. He believes that a buy zone for Cardano would be between $0.064 and $0.065 followed by an increase to $0.09 in mid November. The increase will be followed by a retrace in mid December and reaching the $0.12 price again by January 2019.

The 5th opinion on Cardano’s future price takes  into consideration the latest news from the Cardano community – More exactly how IronX exchange will use ADA as a based cryptocurrency – fact that should increase adoption & usage of the cryptocurrency. This analysis was made by CryptalDash. His opinion on the price is the following:

The announcement was made yesterday, October 31, when ADA has reached the $0.071 low. There it has rejected 78.6% Fibonacci retracement level along with the lower trend line of the descending channel . Also, RSI oscillator formed a bullish divergence and then broke above the downtrend trend line , signaling on the potential trend reversal.

Indeed, ADA/USD might finally reverse to the upside. But there is one obstacle that it has to overcome. It is the $0.071 resistance level , where channel trendiness are crossing, confirmed by 61.8% Fibonacci retracement level. Upon the breakout, upside momentum should increase, resulting in more ADA gains. Price could reach the key resistance at 61.8% Fibs level, that is $0.081 price, where previously ADA/USD rejected the 200 Moving Average.

However, as long as Cardano remains below the $0.067 support, downtrend will remain valid. And if it breaks lower, ADA/USD can be expected to drop down to either $0.067 or $0.064 support level .

 

Cardano’s Recent News – Stronger than ever 

  • Icarus wallet passed security audit – Icarus is a Emurgo project to create a light wallet with the same features as the Daedalus one but way easier to use. On October 21st, the wallet passes its audit and its ready to move forward. Also, in the same day, the IOHK CEO Charles Hoskinson declared that he would no longer be a part of the Cardano Foundation .More information about this news on InvestInBlockchain
  • Cardano can now be stored on Trezor Wallet – The announcement appear on CHarles Hoskinson’s Twitter where he declared that Trezor wallet will be supporting ADA in the next update – fact that already happen and now any Cardano hodler can store their ADA on Trezor. Their competitors, Ledger, plan to list Cardano in November or December.  More details on AMBcrypto
  • Cardano Proof-of-stake updates – In a post on Reddit, the company announced that they will create a series of blog posts where they would offer more details about the Cardano staking plan and how will Cardano fight against large stake holders that can put the decentralization part at risk. More details on Reddit.
  • IronX Exchange will use ADA as a base cryptocurrency – People would be able to trade ADA for shares, currencies, commodities directly. The news went live a few hours ago. The community is already pretty enthusiastic about it. More details can be found on Reddit and Youtube
  • 0x was listed on Coinbase – A few weeks ago, 0x was listed on Coinbase. This was a results of the fact that Coinbase announced a few months before that they’re exploring the possibility of adding 0x, Zcash,Cardano and Bassic Attention Token. 0x increased over 30% in price in the listing day – and besides this, it is now open to a larger number of active traders. Probably in the short future, Cardano would be one of the next tokens added there, leading to a broader audience and possible an increase in price.
  • Cardano Roadmap has just been updated, more details can be found on CardanoRoadmap.

Conclusion

Cardano (ADA) is a project with a high potential in the future, from both the investment point-of-view as well as the utility one. We’re not sure what the price of Cardano will be in the future, but we are hopeful that it would break the January all-time high over the long term. For the short term Cardano price prediction, you can check the analysis of the professional traders mentioned here and apply those on Bitmex for an extra profit. Bearish or bullish – Cardano is a cryptocurrency with a strong idea that could potentially be useful in the future.

Image Source: VideoBlocks

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