Cardano (ADA) was founded back in 2017 by Charles Hoskinson the co founder of Eth network as well. Cardano is being considered as one of the leading alts being ranked as #3 after Bitcoin and Ethereum. The aim of this project is to allow “the people having broad mind, who are behind innovations and change makers” to bring out a global change in a positive manner.

The Ada token is designed to ensure that owners can participate in the operation of the network. Cardano is one of the biggest blockchains to successfully use a proof of stake mechanism which is far better than the algorithm relied upon Bitcoin.

Current Market Position

According to coinmarketcap Cardano is being traded at the rate of $2.89 currently with an increase of 2.15% in the last 24hrs. The total volume has surpassed $8,223,372,078 in the last 24 hrs. the market dominance is about 4.32% which is incredible. like many, it too works on Binance smart chain.

Some famous entrepreneurs consider Ada to surpass Ethereum in the long run. As its on the watch list of many traders, what possibly can be expected from this token in the coming days?

Technical Analysis

Ada recently made a new all time high becoming one of the biggest cryptos to hit record after a $1 trillion crash. The price in the coming days is expected to reach $10.

Recently on 22 August 2021, Ada broke the all time high putting the value to $2.889. The price has pumped up enormously in the back few days resulting in getting focus on big investors. As the price has made a new high, it is difficult to get an idea from where the price could possibly do the correction. but using the tools, the fibo extension shows a level of $3.0866 for the price to reverse. Right now the market is high and it is never a good idea to buy price at high, as it has made its way to near $3, it is very likely for the price to do its correction in order to go up. talking about where the price can possibly end its correction and which levels are great for buying the tokens, we have to look into the structural zones. which are from $2.5207 to $2.3806 and from$2.1239 to $1.8963.

Shorting this mighty momentum is not a great idea, so in order to get a conservative entry, the structural points are best as they also align with fibo retracement levels.