Cardano ADA Price Consolidation
Cardano ADA price consolidation phase is somewhat cautious on Thursday after enjoying a bullish move through the previous session, when it strengthened by more than 10% and marking its highest single-day gain since late March.
At the time of writing, ADA is trading around 1.47.
Cardano’s price appears to be consolidating around the 1.45 mark for now, following a weekend rally that continued into Monday.
However, technical and fundamental analysis suggest that this cryptocurrency will gain more upside momentum in the coming sessions, potentially driving its price higher.
For the time being, ADA/USD is encountering immediate resistance around the 1.50 mark.
A break above this level could signify more bullish momentum and push the price higher.
If the resistance holds and the price is unable to break through, sellers can take control and push Cardano (ADA) down to the 1.35 level.
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What gives Cardano an edge over its rivals?
Cardano’s popularity has been on the rise as a potential alternative to Ethereum for promoting DeFi projects and decentralized applications, despite being a relatively recent entrant into the world of cryptocurrencies (DApps).
The developers behind this blockchain network announced last week that it would be able to handle smart contracts by August, which will undoubtedly give it a boost in terms of development against Ethereum.
Price Predictions for Cardano ADA in the Next 5 Years
The Cardano blockchain network was developed by a leading team of scientists and engineers, which sets it apart from the competition in terms of new innovations in the crypto industry.
This is one of the reasons for the continued bullish momentum, despite the fact that other cryptos have declined.
It has now surpassed $ 38 billion in market capitalization to become the fifth largest cryptocurrency.
This cryptocurrency is based on peer-review analysis, with the goal of making it more adaptable to the general public. As a consequence, it is continuously changing in small ways.
So, although the crypto market retraced lower at the end of February, ADA managed to hold on to the majority of its gains.
More Developments for Cardano
Cardano is a blockchain-based platform that doesn’t necessary need a wallet, competing against other similar platforms, like Ethereum and EOS, but Frederik Gregaard, the CEO of the Cardano Foundation, made the following statement recently:
“I think the biggest competitors are really the largest technology companies that are around today, the large tech platforms such as Google, Amazon, Tencent, Alibaba, those kinds of players.”
He aims at bringing all these kinds of currencies together, in order to offer the full range of services to customers, rather than them competing against one another and missing the boat that the big companies will take.
Charles Hoskinson also mentioned that they are aiming at attracting the big companies to their blockchain.
Recently, Cardano’s founder, Charles Hoskinson, added that Cardano has been in negotiations with potential partners and many important firms in the industry, like Prime Trust, Celsius, Fireblocks etc.
Cardano’s team is working on a number of developments in all areas, one of which is Volatire.
Voltaire’s aim, which involves the governance area of blockchain, is to evolve Cardano into an outstanding innovation management platform.
Cardano will release Goguen as well – the initial feature of the metadata transactions is already out. The next phase of the transformation from a single-asset system to a multi-asset one will come early next year, enabling users to create their own tokens.
Besides that, the team is also developing the ERC20 Token Converter feature, which will make it easy to migrate from Ethereum to Cardano.
Voltaire ensured accountability for funding on Cardano.
With Voltaire, the blockchain’s governance era, will eventually evolve Cardano into one of the best innovation management platforms on the market, as thousands of people will participate in the blockchain’s accountability process.
The outlook for the Ethereum killer is certainly bullish, especially on account of the high level of engagement within its community, even though it has a smaller team of developers working on improving its functionality and adding more features, unlike its closest rival Polkadot (DOT).
The Cardano community remains optimistic that its lower transaction fees and higher speed to process transactions can take away more users from the Ethereum network in the near future.