Cardano (ADA) continued to move in the wake of the bullish trend and today updated its all-time high at $ 1.75 amid a wave of positive news.
Cardano ranks seventh in the capitalization ranking and is rapidly gaining ground amid a stream of favorable fundamental news. Earlier, the token updated the record (ATH) at $ 1.75.
As of this writing, ADA / USD is trading at $ 1.65. Despite the correction, the coin is still 10% higher on a daily basis. Over the week, the price has risen by almost 20%. ADA’s strong bullish trend is built on solid foundations, including the prospect of smart contract implementation.
Three factors of growth
The functionality of smart contracts, new partnerships and staking on the Kraken cryptocurrency exchange created the ideal conditions for a bullish trend. Earlier it was reported that the number of active addresses on the network has grown by more than 400%.
Blockchain comes to Africa
Last month, it became known that Cardano will assist the Government of Ethiopia to the digitalization of the educational sector.
The blockchain startup will deploy its Atala PRISM solution to thousands of schools in Africa’s second most populous nation. If everything works out as intended, the Ethiopian government will have the world’s largest blockchain database system.
Voltaire and Alonzo played into the hands of Cardano
The founder of the project, Charles Hoskinson, recently shared plans for the development of the protocol until 2025. While talking about Cardano’s roadmap, Hoskinson also mentioned the launch of the final version of the Voltaire update. However, it will be preceded by the Alonzo update. It will bring smart contract support to the Cardano blockchain.
If this functionality is successfully implemented, on Cardano, in theory, it will be possible to develop and create non-fungible tokens (NFT). Such opportunities will take Cardano to the next level and make it a serious competitor to Ethereum.
ADA staking on Kraken
Finally, cryptocurrency exchange Kraken has added support for ADA staking with annual returns ranging from 4% to 6%. The exchange announced this on its Twitter account, adding that rewards will be credited weekly, and users will be able to pick up coins at any time.
— Kraken Exchange (@krakenfx) May 5, 2021
Kraken supports seven coins staking including Kusama, Polkadot, Tezos.
Cardano (ADA) Technical Analysis: Price forecast May 2021
Indicators used: 2EMA (50-200), Pivots (Fibonacci – Monthly)
Time Frame: 1hr
Found a nice bullish golden cross in ADAUSDT Binance 1hr chart, which gave ada a pump to breat its own previous ATH of 1.65$ and make a new one at 1.75$. Though ADA is testing its monthly R2 now, with a great buying volume.
Though RSI is giving a signal of the asset is been over bought and will see a small decline soon, whereas MACD says the market is still bullish for ADA and can soon reach 2$ this week.
Pivot, Resistance and Support Levels for Daily trading in ADAUSDT
Calculation For Trading:
Resistance Level (R3): 1.735
Resistance Level (R2): 1.693
Resistance Level (R1): 1.655
Pivot Point: 1.613
Support Level (S1): 1.575
Support Level (S2): 1.533
Support Level (S3): 1.494
Questions & Answers about Cardano Projection
What is the Cardano price today?
The current price of Cardano is 1.698 USD today.
Will Cardano price grow / rise / go up?
Yes. The Cardano price can go up from 1.698 USD to 2.333 USD in one year.
Is it profitable to invest in Cardano?
Yes. The long-term earning potential is +37.42% in one year.
Will Cardano price fall / drop?
What will Cardano be worth in five years (2026)?
The Cardano (ADA ) future price will be 6.317 USD.
Will Cardano replace / surpass / overtake Bitcoin?
According to our predictions, this won’t happen in near future.