After the storm comes the sun. The crypto market looks like it’s been recovering for the past 2 days. Cardano specifically was among the top gainers, up by 30% in the past 24 hours. We at CryptoTicker have been talking about Cardano for a while now. The recent crash took a heavy toll on ADA prices, despite Cardano being a very promising crypto project. Now that prices are soaring again, is it a good idea to buy Cardano? Can Cardano reach 1 $? Let’s assess in this Cardano price prediction article.
What is Cardano?
Cardano is a blockchain network that prides itself on being technically superior, safe, and scalable. Charles Hoskinson, a co-founder of Ethereum, established Cardano in 2017. The Proof-of-Stake consensus technique is used by the blockchain. The ADA is Cardano’s network token. The evidence-based methodology with which the blockchain is continually developed is what makes Cardano unique. Scientists are working on the blockchain and evaluating the flaws in existing blockchains so that the Cardano blockchain may address them. Cardano is still a blockchain that avoids the trilemma of blockchains. Scalability, security, and decentralization are all strong points.
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Cardano Price BOOMED in the past 24 hours
The cryptocurrency market has been consolidating for the past 2 weeks. We already said that extended consolidations after heavy crashes are usually a good thing. They allow the markets to breath while giving investors a chance to buy their favorite cryptocurrency at a heavily discounted price. This often starts a reverse-snowball effect, where buyers enter a “dead market”, highering prices, making a positive impact, then driving prices further high. For Cardano’s case, thing have been cooking for the past week.
ADA prices deteriorated heavily when they fell below the $1 price mark. ADA reached a low of $0.40. This crash was seen as a massive discount on ADA. Today, when the market is about to recover, ADA managed to come back stronger, making more than 30% gains within 24 hours.
Cardano Price Prediction – Can Cardano reach 1 $ again?
Since the entire cryptocurrency market is on the rise, and since Cardano reacted positively, we can safely assume that prices are on an uptrend again. This assumption takes into account that ADA prices remain in the next few days higher than the $0.60 price mark. From there, ADA can move to the psychological price of $1 after breaking the $0.78 barrier.
We do expect on the other hand that the area between $0.9 and $1 will be a strong resistance. Prices might face strong resistance, but once the resistance is broken, we can assume the full recovery of ADA.
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Source: https://cryptoticker.io/en/can-cardano-reach-1-again-soon-ada-up/