Cardano is a cryptocurrency that focuses on becoming a new standard of crypto design and PoS implementation. 2021 was an eventful year for Cardano because it achieved many milestones. Last year, it was recognized within the world of non-fungible tokens (NFTs) and added smart contracts functionality with the Alonzo hard fork update.
Cardano has a solid use case, and many scientists have been working on Cardano because it has a huge potential for innovation, scalability, and growth. With its recent upgrades and smart contract functionality, it attracts new projects. There are approximately 130 projects that use this network blockchain.
It is very popular in Africa, and in the next three years, it will be popular worldwide. It is all set for a new startup environment in Africa, and it will be an essential part of global business. The Cardano network will develop a new DeFi service system in the coming quarter. It could be a game-changer eliminating the high cost of transactions of financial infrastructure.
The investors are excited about the future of this network, and more than 15 companies will develop Cardano-based projects worldwide in the coming six months. Many universities plan to use this technology to develop a governance infrastructure digitally.
At the time of writing this analysis, the price of Cardano is trading at $1.234. Despite having strong fundamentals, it has been bearish for the last couple of months. However, it happens in the life cycle of any coin. Indeed, many investors wait for this type of opportunity to invest in such a high potential token.
The $1.20 level is a strong support level, and it has been respecting this level throughout the last year. However, $1.30 will work as an initial resistance level, but long-term investors should not worry about these levels.
It is interesting to note that the ADA price change has formed a triangle, and the baseline of the one-day Bollinger Band could work as a resistance level. We may assume that Cardano is preparing for a breakout- probably a bullish reversal.
MACD is still bearish on the daily chart, but the blue line will cross the red line after a breakout on the upside. RSI is stable at 42. Overall, we think the RSI & MACD combination also signals a breakout.
On the Bollinger Band, candlesticks are in the lower half because they form a triangle pattern if you look closely at the trendline.
Traders should find more information regarding the ADA coin’s momentum if they want to invest. We think it is the best time to invest in Cardano. If you are interested and waiting for an opportunity, you might not get an opportunity like this again. With strong fundamentals, the token is available at a lower price; you should invest in Cardano.
Source: https://www.cryptonewsz.com/cardano-is-a-buy-on-2022-network-growth-plans/