Cardano (ADA) had turned bullish amidst the bearish market earlier; however, the bullish momentum could not last for the cryptocurrency and it, too, succumbed to the pull of the bears. At the time of writing, Cardano stands at a price of $1.27. The price has fallen slightly in the past twenty-four hours while the trading volume has increased by more than 40%.
Cardano (ADA) Technical Analysis
The market sentiment for Cardano is bearish as the cryptocurrency is moving downhill. Out of the total twenty-six technical indicators, fourteen are standing at a position of sell, and nine are giving out an indication of neutral while only three indicators are bullish.
Cardano (ADA) is operating in a descending channel formation ever since the establishment of the all-time high during May. Cardano had been overtaken by bearish momentum and the boundaries of the channel formation had been acting as strong support and resistance. Currently, the cryptocurrency can be observed moving towards the upward boundary – the strong resistance level. The recent upward move may be indicative of an end to the bearish pressures in the market. If the ADA coin is able to break the strong resistance at the upper boundary, good things can be expected from it in the future.
Price predictions for the Ethereum-Killer
Cardano has been dubbed as the “Ethereum-Killer” because of the resemblances it bears with the queen of the market. Both the projects are focused of smart contracts and decentralized apps. However, Cardano has a unique research-driven approach to design and integrated academia in making blockchain technology relevant. Cardano’s Proof-of-Stake mechanism also puts it at an advantage when compared to Ethereum and it offers much lower transaction fees.
According to the estimates of Wallet Investor, the Cardano coin will be operating at a price level of $3.18 in a year’s time while the 5-year forecast places the cryptocurrency at a price of $10.45. Digital Coin Price predicts Cardano to end the year at a price level of $1.84 and reach $5.53 by 2028.
