Cardano (ADA) Jumps 25%, Overtake’s Ripple’s XRP As The Fourth-Biggest Cryptocurrency
Cardano’s ADA is now the fourth-largest cryptocurrency by market cap dethroning Ripple’s XRP. Today, the ADA price has surged a massive 25% and is currently at $0.66 with a market cap of $20.9 billion.
Over the last week, Cardno’s ADA price has surged a massive 90% pushing it within the top five crypto ranks. Interestingly, ADA has been one of the top-performing altcoins so far in 2021 with its price multiplying 4x with a solid 300% gain. The recent price rally happens on the backdrop of a number of developments taking place on the Cardano network.
Cardano (ADA) break out and trading above all monthly resistance
Cardano (ADA) Price Prediction: 4EMA is bullish (10,20,50,100) is a clear sign of high potential
According to Charles Hoskinson: Cardano Will Be Much Better than Ethereum 2.0.
Criticizing the Ethereum 2.0 scaling model, Hoskinson said that it is much easier for Cardano to achieve higher transaction throughput (TPS). He added:
“We’ve chosen a radically different scaling models. And actually I think both of them have the potential working, but I think Vitalik’s are a little bit riskier from an engineering and research point of view. This is why it is so difficult for them to get Eth 2.0 out. They have chosen to shard all that stuff. We don’t have to shard. We can get a thousand TPS on the base level and adding Hydra we can get to whatever we want. […] Because of UTXO Cardano is much easier to shard”.
Furthermore, Hoskinson called Ethereum 2.0’s approach risky and not scientifically proven.
Cardano starts laying the foundation for future achievements
We’ll offer a profound analysis of Cardano’s achievements in 2020 in the area of fundamentals, which will surely have an immense effect on the price of ADA in the next 5 years, but for now, let’s focus on the current situation on the market and see how it can affect the price action over the coming year.
The weekly ADA price chart shows that the coin is clearly gearing up for the bull run that can potentially last for the next five to eight years, depending on how well the process of adoption of cryptocurrencies, including the one under review, would go over the said period of time. But as our proprietary price prediction model suggests, everything is lining up for ADA to have another multi-week swing to the upside that will land the Cardano price in USD 42,9% above the current level in the next 30 days and reach $0,25, while the price appreciation in 2021 will peak at $0.41, which is 140% to the upside.
Pivot, Resistance and Support Levels for Day Trading: ADA Price Prediction
Resistance Level (R3): 0.8092
Resistance Level (R2): 0.733
Resistance Level (R1): 0.677
Pivot Point: 0.60092
Support Level (S1): 0.545
Support Level (S2): 0.469
Support Level (S3): 0.413
Technical Analysis from Tradingview of Cardano ADA/USDT monthly chart
Moving average is also giving bullish signal on ADA
Cardano is a decentralised public blockchain and a cryptocurrency project, which is fully open source, and runs the blockchain for a cryptocurrency called Ada. The platform works on the secure proof-of-stake algorithm (named Ouroboros), which eliminates the need for the energy-consuming protocol, which partly resolves the scalability problem.
Cardano’s goal is to become an advanced smart contract platform. Cardano is a decentralised public blockchain and a cryptocurrency project, which is fully open source, and runs the blockchain for cryptocurrency called Ada. The platform works on the secure proof-of-stake algorithm (named Ouroboros), which eliminates the need for energy-consuming proof of work protocol, which partly resolves the scalability problem. Cardano’s goal is to become an advanced smart contract platform.
Cardano was established by the blockchain development firm IOHK (Input Output Hong Kong) and led by its current CEO Charles Hoskinson, co-founder of Ethereum and BitShares. Jeremy Wood is also a co-founder of the project, who started in IOHK with Charles after both have left the Etherium Foundation.
Cardano is trying to solve a problem of earlier blockchains and to create a smart contract platform, which seeks to deliver more advanced features than any protocol previously developed. It aims to run smart contracts and decentralised applications. IOHK is a tech arm of the projected, which is committed to using “peer-to-peer innovation to provide financial services to the three billion people who don’t have them” as per the website statement.
Advantages of Cardano — compared to other smart contract platforms (for example Ethereum) — include Cardano’s scalability and strong academic foundation. It is one of the first blockchain platforms to evolve out of a scientific philosophy and is very research driven, and has a large global R&D team, that exclusively deals with research for Cardano, i.e. members of the team perform academic research, publish academic articles, visit conferences and collaborate with other independent academic community members, and only then provide input and work for Cardano.
Cardano is not only a cryptocurrency but a platform that can potentially run financial applications. So, when buying in ADA, investors can profit from two distinct sides of the project: firstly, ADA is a technologically strong cryptocurrency, and secondly, the project value of the Cardano system is a function of the sum of all projects that will use Cardano platform.
A major disadvantage of Cardano is the lack of tangible output, that could generate immediate cash flows in the current 2018 or in the next 2019 financial period. It is still in the early stage and has no running platform. Basically, the project is about creating from scratch a world-class blockchain plus an advanced smart contract platform, while both still don’t exist.
Another potential disadvantage is a huge, extremely ambitious roadmap, coupled with some delays.
Cardano also — compared to Ethereum — has less adoption, fewer partnerships and a much smaller developer community.