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Why Cardano Bull Trend Isn’t Over And 91% Increase Is Imminent, deVere CEO Nigel Green

One look at the charts and any crypto investor will see Cardano is currently suffering. The digital asset is currently down with the rest of the market, which is suffering in the wake of the Evergrande situation in China. The market has been in a downtrend as the situation has evolved. Its biggest ties to the market being the fact that Tether allegedly owns some of the Evergrande bonds.

This has spilled over into the crypto market in a big way. Bitcoin fell to one-month lows with the news and as the altcoins have followed, Cardano has recorded receding prices also. Hitting lows that haven’t been seen since the rally began in August. Current indicators point to the market poised for further decline. But deVere CEO Nigel Green believes that while ADA may be down, it is definitely not out.

Cardano’s Streak Is Not Over Yet

Green explained his reasoning behind Cardano’s hot streak being far from over. The CEO cited the recent technological advancements in the project, namely the recent addition of smart contracts capability to the blockchain. Due to this, Green points out that the digital asset will be setting new all-time highs soon.

Related Reading | Why The Hydra Layer 2 Solution Is Important To The Cardano Network

Talking to Insider, the CEO pointed out that Cardano currently has a reputation of being a “green” cryptocurrency. Along with a broader crypto market rally, Green sees the price of the digital asset hitting $4 by the end of 2021. Given the current price points of the asset, this would be a 91% increase to get to this point.

A major reason behind Green’s bullish stance on Cardano has to do with the applications of the network. The recent addition of smart contracts has now brought the booming decentralized finance (DeFi) market to Cardano. Once again increasing the use cases of the blockchain. The deVere CEO believes that its ability to solve problems is a major driving force.

“Things you should be looking at are the purpose of the cryptocurrency, how long it has been in the market, market capitalization, and its underlying solutions. Cryptocurrencies that solve problems are likely to succeed more than those that do not. The longer a cryptocurrency has been in the market, the more trust it has attained, and cryptocurrencies that are developed on strong networks will stand longer,” Green told Insider.

ADA price falls to $2.11 | Source: ADAUSD on TradingView.com
Just As Bullish On Ethereum

Green’s bullish outlook does not fall solely on Cardano. The CEO also explained that he was just as bullish on Ethereum. Reasons for this were basically identical to the ones given for Cardano. Their vast use cases make both projects important to users and are thus poised to rally higher in the market. Investor interest has also grown in the project, which has made it more valuable than most projects in the market.

Related Reading | Cardano Founder Charles Hoskinson Says The Term Smart Contracts Needs To Be Changed

Ethereum, according to Green, is going to outperform bitcoin. Although the pioneer cryptocurrency will certainly return to its previous all-time high before the year ends, says the CEO. Giving bitcoin a price growth of 50% going further. Not surprisingly, given his stance, Green believes that Ethereum will trade higher than bitcoin in the next five years.

Featured image from Investors King, chart from TradingView.com

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Cardano Successfully Deploys Alonzo HFC, But Why Is Price Down?

On September 12th, 2021, Cardano successfully completed the final stage of its move to make the network compatible with smart contracts. The long-awaited Alonzo Hard Fork Combinator launch marked the beginning of a new era for Cardano. The developer behind the project, IOHK, took to Twitter to announce the successful upgrade.

The new upgrade has been successful so far, with over 50 smart contracts already deployed on the network, and counting. Alonzo’s Hard Fork Combinator (HFC) marks the end of the road for smart contracts capability. But also marks the beginning of a lot of work yet to be done. The community has so far welcomed the upgrade with open arms. Although one thing remains a problem, the price has not gone up in value. Why is this?

Related Reading | Cardano Network Upgrade And Hard Fork Gets Support From Binance

Why ADA Price Is Down

Last week, NewsBTC reported on the possibility of the Cardano smart contracts deployment triggering a “sell the news” event. So far, this seems to have been the case, or what this Twitter user aptly describes as “buy the testnet, sell the mainnet.”  This does not mean that most users dumped their bags. In fact, a report from Cardano shows that at least 71% of ADA’s entire coin supply remains locked up in staking contracts, with the current total of staking wallets at approximately 825,755.

ADA price down following smart contracts launch | Source: ADAUSD on TradingView.com

A major reason that the price has not recorded any significant upward movement has to do with the fact that it will take a while before decentralized applications (DApps) are live on the network, as developers will need time to properly test and deploy their apps on Cardano. This means that it will take a while for traffic to pick up on the network. Triggering an increase in the price of the token as more users buy Cardano in order to carry out transactions on the network.

ADA price will most likely trend around its current price point for the foreseeable future while developers work to launch their apps on the network. With the number of smart contracts being deployed on the network, there will be a large influx of DApps coming to the network, leading to a rise in decentralized exchanges and finance on the network.

Only The Beginning Of The Road For Cardano

While the upgrade is a big leap for Cardano, it is no doubt that there is still a lot of work left to be done. To truly be able to compete with already established networks like Solana and Ethereum, Cardano will have some bumps in the road. These will include some good and not-so-good DApps on the ecosystem, and great development teams and terrible ones alike.

Cardano has its work cut out for it given that the ecosystem is a permissionless, decentralized blockchain so it will have to deal with the good, the bad, and the ugly that comes with this.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Security is also a big issue that the network will have to deal with as decentralized applications debut on the network. Already, Cardano has issued a bug bounty in conjunction with HackerOne to find vulnerabilities in its network, offering up to $10,000 in bounty to hackers who report bugs. With all of the hacks recorded in the decentralized finance space recently, it is important that the network is as secure as can be for users to start trading on the network.

Currently, the price of ADA is trading below $2.5. The asset has recorded a price dip of 6.50% in the past 24 hours, leading to a $0.20 loss.

Featured image from Blockchain News, chart from TradingView.com

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Analyst Lays Out Theory That Suggests A 290% Move In Cardano (ADA) Before Rally Is Over

Cardano (ADA) has no doubt has an interesting couple of weeks leading up to this point. The digital asset has hit multiple new all-time highs as the rally raged on. Only now slowing down but still well above its last all-time high set in May of this year. The slowdown has seen the price of the asset lose its footing over $3, causing it to crash down below $2.70 for the first time in over a week.

This loss of momentum has led the market to believe that the asset might be nearing the end of its rally. But not everyone thinks so. Analyst Jason Pizzino has predicted that the altcoin still has a bit of fight left in it, predicting a 290% move before the end of this current bull cycle. An increase of this magnitude would put the price of ADA at nothing less than $7, solidifying its claim as the third-largest cryptocurrency by market cap.

The Theory Behind The Prediction

Jason Pizzino took to his YouTube channel to share his prediction with his over 200K subscribers. The prediction completely rests on the back of a single theory, the Elliott Wave theory. A theory that predicts the future price action of an asset by looking at extremes in investor psychology which comes in waves. So this is basically looking at investing patterns of the market.

Related Reading | These Three Lagging Altcoins Are Poised For A Breakout, Says Crypto Strategist

This current theory puts every bull market in a series of cycles separated into five different waves. During waves 1, 3, and 5, the price of the asset rallies upwards. While waves 2 and 4 come with a price correction. For Cardano (ADA), Pizzino says the asset has completed four waves so far, including waves 2 and 4 which are the market corrections. Now, the fifth wave is imminent, which would lead to a massive price increase.

Pizzino puts the current downward correction as wave 4 while identifying the biggest wave so far as the price surge from $0.10 to $2.47, which occurred last month, as wave three. Since wave three is usually the biggest, Pizzino puts the fifth wave on par with the first wave, the surge from $0.01 to $0.17. Placing the fifth wave at only a 290% increase.

Cardano (ADA) Price On The Rise

So far, it does not look like Cardano (ADA) has reached the end of this downward correction. But Pizzino points to it as part of the five-wave theory movement. Comparing it to the first wave that saw a 900% increase between April 2020 and July 2021, the analyst says, “I’m excited to see the waves play out similarly.”

Pizzino’s prediction would put ADA price close to $10 | Source: ADAUSD on TradingView.com

Cardano still has a final card to play before the rally can be said to be truly over. The smart contracts testnet is currently live and developers have started building DApps on the network. But the release to the general public is still scheduled for September 12th. If all goes well with the launch, then this might be the event that triggers the fifth wave of Elliott Wave theory.

“What do we get if we do an 800% or 900% from the low that was put in in June and July? That would bring us to around our $8 mark. Maybe we hit a 1,000% return from that point. That’s going to bring us up to $10 or $11.”

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Although optimistic about the asset from here, Pizzino issues a warning for investors. The potential for massive runs also comes with sharp downwards corrections that will reverberate through the market. “All good runs will come to an end,” says Pizzino.

Featured image from CreditDonkey, chart from TradingView.com

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Flash Crash Sends Cardano (ADA) Barreling Downwards To A $2 Retest

Cardano (ADA) has not been left out of the massive flash crash that just occurred throughout the market. What seemed to be a good day for bitcoin as El Salvador’s “Bitcoin Day” began has now turned to nothing short of a nightmarish market opening. The crash saw bitcoin drop $6K in only a matter of hours. While the general altcoin markets have recorded crashes as high as over 20% in the same timeframe.

With altcoins following bitcoin closely, the price of the ADA shows similar movement patterns to BTC following the flash crash. The number 1 crypto coin fell to the mid-$40K, taking the whole of the market down with it.

Related Reading | IOG Denies Rumors About Cardano Smart Contracts Platform

The flash crash has taken the market by surprise, given that general sentiment is positive and the Fear & Greed Index putting the market in “Extreme Greed”. There’s currently no exact reason pinpointed for this crash. Although massive liquidations to the tune of almost $1 billion across the crypto market look to be the culprit. The liquidated positions being mostly long positions.

Crash Puts Cardano (ADA) In Chokehold

Struggling alongside the other cryptocurrencies is Cardano (ADA). The asset had long left behind the $2 price point since mid-August, with indicators pointing towards a pathway to $5 following upgrades. But with the current flash crash, the digital asset lost over 18% of its value. This set it on a downward trend that saw ADA hitting the low $2s for the first time in three weeks.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Even though Cardano (ADA) has seen an upward correction that sent it towards mid-$2, the price is still maintaining a struggling pace. Trend lines in the asset show a sideways zig-zag, up and down pattern. Depicting numerous dips and recoveries in just the past hour alone. Starting the early hours of the morning was ADA at $2.75. A bit shaky but was holding on tight to this price point.

Flash crash sends ADA price to three-week lows | Source: ADAUSD on TradingView.com

At this junction, it is still too early to tell how much recovery ADA will make in the hours following the flash crash. It has so far recovered about 6% of value lost during the crash, with indicators pointing towards total recovery. As of the current time of writing, Cardano (ADA) is still trading low at a price of $2.45 according to Coinmarketcap, with a 24-hour price change of 13.46%.

Featured image from Currency.com, chart from TradingView.com

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Cardano (ADA) Breaks $3, Here’s Why Price Will Break $4 In Coming Week

Cardano (ADA) has been on fire recently. At this point, it is no longer a surprise to see the asset posts massive returns in just a short period of time. With so many big things lined up for the project, the price has continued to rally. Now, ADA has broken a critical resistance point in its race to the top. The coin had suffered dips following the knockdown from its first $3 resistance point test. But has successfully broken through this barrier.

ADA carries out a successful retest of $3 | Source: ADAUSD on TradingView.com

The early hours of the morning saw the price of the digital asset hit a new all-time high of $3.10. Before hitting what appears to be a roadblock and correcting back down. Although this downward correction does not look negative on ADA.

Correcting downwards is typical for assets that have rallied in a short amount of time. Basically giving the market time to catch up with the valuation of the asset. ADA’s correction saw it hit back down towards $3. But this point acted more as a bounce point for Cardano, which sent the price back up to a more comfortable resting point for the time being.

Related Reading | Cardano Offers Up To $10,000 For Network Vulnerabilities In Bug Bounty

Nevertheless, the asset looks poised for another rally. With the current momentum and general market sentiment surrounding ADA, it will be no surprise to see it hit $4 next week. Growing interest has led to an accumulation of the asset. Future use cases put Cardano on track to become one of the most widely used blockchains in the space. Hence giving its native asset ADA the needed push to grow fast enough to break through $4.

Factors Pushing Cardano (ADA) Towards $4

Most of the momentum ADA has seen has come from the expected upgrades occurring this month. The team behind the Cardano project announced in August that the final upgrade, which is the Alonzo Purple Hard Fork, that will bring smart contracts capability to the network will be released on September 12th. This will put the blockchain on a level where it can compete with Ethereum, the leading smart contracts platform.

As users anticipate being able to carry out decentralized finance services and mint NFTs on the network, investors have poured money into ADA. Expecting the price to blow up leading up to and after the announcement of this final upgrade.

Related Reading | Cardano (ADA) Founder Responds To Criticism Over New Crypto Partnership

Cardano founder Charles Hoskinson has said that the project is on track. And Cardano has received the go-ahead from its shareholders to release Alonzo Purple as scheduled. With less than two weeks left to the launch, the price is expected to continue to rally, with the current trajectory putting ADA on a sure path to $4 before the release of smart contracts capability. After which adoption of the network due to its new use cases will drive the price even further up.

Featured image from 123RF, chart from TradingView.com

 

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Cardano (ADA) Cracks New $2.5 All-Time High, Is $3 Possible?

Cardano (ADA) has successfully broken its previous all-time high to set a new one able $2.5. The price movement of the coin has been a tremendous one. ADA’s price has grown over 100% for the past month to settle at a new all-time high. Although the road here has been bumpy, it has been an interesting one. Both individual and institutional interest in the digital asset has in the past months.

Money flowing into the asset has seen a significant uptick in the momentum of the coin. ADA price had crashed down from its all-time high back in May by over 100%, resting in the low $1 by the time the crash had run its course. But significant improvements in the network have seen renewed interest in the asset. Hence the reason for the current uptrend in the price.

Related Reading | Cardano (ADA) Steadies Above $2 As Bulls Continue To Aim For $2.5

The break of the new all-time high has put Cardano (ADA) in the third position for the largest cryptocurrencies by market cap. Kicking out Binance native BNB to clinch the spot. The price rallies ahead of top projects like Bitcoin and Ethereum, hitting a new all-time high before any of these assets. Significant daily gains in the price have been the norm since the team announced that smart contracts would be coming to the network in September. Less than a month away.

Why Smart Contracts Are Important

The value that smart contracts will bring to the Cardano ecosystem cannot be overemphasized. This will give the network significant value in its use cases when it comes to things like decentralized finance. Smart contracts on the network will allow developers to build decentralized apps (DApps) in order to bring DeFi services to users on the Cardano network.

Related Reading | Cardano (ADA) Breaks $2 For The First Time Since May, Why New All-Time High Is Imminent

Smart contracts capability will put Cardano in a position to be able to compete with its biggest rival; Ethereum. With smart contracts, not only will decentralized finance be coming to the Cardano ecosystem, things like NFTs can be minted on the network. And with Cardano’s fee structure, for significantly less than NFTs are currently being minted on the Ethereum network.

Most of the upgrades required have already been carried out for the support of smart contracts. Upgrades like Alonzo Blue and Alonzo White have been launched and working successfully. What remains now is the Alonzo Purple upgrade, the final hard fork that will bring smart contracts to the network. And according to the developer behind the project, the hard fork has a September 12th target date for the launch.

Cardano (ADA) Headed To $3?

Cardano’s (ADA) all-time high break does not signal an end to the rally. If anything, the break while top cryptocurrencies are still making their way towards previous highs indicates that the price is set to continue this breakout. With the renewed interest in the crypto market, the price of ADA is set to continue its upward climb.

ADA price breaks new all-time high | Source: ADAUSD on TradingView.com

Dip and recovery patterns show strong resistance to the bears. Pulling upwards after every slight dip complete control of the market by the bulls. Each surge now sees the price breaking previous records, making this a continuous bull run. As anticipation builds towards the Alonzo Purple launch, interest in the asset will continue to see the price of Cardano (ADA) move.

ADA is currently trading at an all-time high price of $2.565 as at the time of this writing, up 23% in the last 24 hours. While the market cap has clenched 3rd place at $82.4 billion. Trading volume is up over 100% at $10.8 million.

Featured image from Coingape, chart from TradingView.com

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Cardano (ADA) Breaks $2 For The First Time Since May, Why New All-Time High Is Imminent

Cardano (ADA) has been on a hot streak recently. The price of ADA has seen increasing growth in the market. After crashing down close to $1, the digital asset has now bounced back up to reclaim its place on the market charts. The price dips from the last two months have not seemed to have had much of an effect on the price of the digital asset, as the price has now come back up above $2 as if it had not been struggling before.

Related Reading | Cardano (ADA) Records 13% Price Gains In 24 Hours, Is $2.20 Possible Again?

With this new point broken for the first time in months, the next target for the asset remains the all-time high which it had hit in May before crashing back down. The $2.20 all-time high price point is close now than ever. And it is most likely that the price will hit this target in no time, given that the market maintains the current momentum and price trajectory.

Good News Sending Price Barreling

A wave of good news has rocked the Cardano community recently. The launch of the Alonzo Purple public testnet will be the final test phase of the project, which will end in the network finally getting smart contracts capability. The dev team announced the launch of the public testnet on Twitter. Explaining that the testers from the previous Alonzo White and Blue testnets will be used to carry out the testings. Along with interested developers who will be granted access to the network.

Related Reading | Cardano (ADA) Receives Approval To Be Listed In Japan

Cardano (ADA) has recently also gotten approval to be listed on exchanges in Japan. Arguably one of the hardest approvals to receive for a crypto project in the market. This put the digital asset on track to be one of the most valuable cryptocurrencies in the market. Opening up the token to a market of over 100 million people who had previously been unable to access the coin.

As the network approaches complete integration for smart contracts, the community has maintained its faith in the asset. Hold sentiments abound across investors communities. Leading to less sell pressure and more buy pressure. Which the current price surge in the asset can be attributed to.

Cardano (ADA) Price Continues To Outperform

The price of ADA in the past 24 hours has been incredibly interesting to watch. Moving along with the rest of the market in the bull rally, the price looks to be breaking higher than the other cryptocurrencies in the market.

ADA price barreling up towards all-time high | Source: ADAUSD on TradingView.com

24-hour price analysis shows that the asset has recorded a 14.77% change in price in the last 24 hours as at the writing of this article. Leading to massive gains in the price. Finally pushing the asset price over the $2 resistance point.

Cardano (ADA) is not trading above $2, with indicators pointing that $2 might be the new landing point for the asset on its way towards a new all-time high. A $0.20 increase from here on out will set a new record for the price of the asset. And as each hour passes with the price continuing to show bullish indicators, a new all-time will most likely be broken by the close of the weekend.

Featured image from BeInCrypto, chart from TradingView.com

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Cardano (ADA) Records 13% Price Gains In 24 Hours, Is $2.20 Possible Again?

Cardano’s (ADA) price has made a splash on the charts this week. The asset’s success lately can be attributed to the growing interest in the upgrade that would see smart contracts be a reality on the blockchain. Cardano’s (ADA) price has also followed the run-up that the market has experienced lately. Sentiments across the crypto market continue to skew towards buy and Cardano (ADA) is not getting left out of the bull rally.

The asset’s price had been struggling lately as momentum had slowed down. But the successful Alonzo White Hard Fork had brought some much-needed faith back into the asset. Prices have been unpredictable for a while. A small uptrend in the price put ADA in the $1.5 price range. The movement continued to remain low following this.

Related Reading | Why A Shocking Altcoin Season Could Be On The Horizon

Furthermore, this was a welcome change from the $1.05 price point that the digital asset price had hit towards the end of July. This weekend showed small recoveries in the price of ADA. But the real movement has taken place in the past 24 hours. Putting ADA’s price at a point it has not seen in over two months.

Cardano (ADA) Gets Listed In Japan

Cardano (ADA) recently received approval to be listed in Japan early this month. The approval is considered to be one of the hardest listing approvals to get in the crypto market. Opening up the Cardano (ADA) market to over 100 million people who were previously unable to access this asset.

Cardano (ADA) checked all of the boxes required to be listed in Japan, a country that takes its cryptocurrency laws very seriously. Only a handful of cryptocurrencies have been approved to be listed on exchanges in Japan, including Bitcoin and Ethereum.

Related Reading | Cardano (ADA) Receives Approval To Be Listed In Japan

This listing put the digital asset on track to grow in value given the number of potential investors that this meant for the project. At the time of listing, the digital asset had not reacted much to the news. Probably owing to the decreased momentum in the crypto market at that point. Now, the broader market seems to be catching up with ADA.

Run-Up To $2.20 Imminent?

The current run-up puts the price of Cardano (ADA) on a track to a complete bull run leading to a new all-time high price. Continuous upwards movement shows that the rally is not losing steam at any time soon. Dips following the increase in price have been tiny, which have in turn led to an even higher price movement upwards.

ADA price moves breaks $1.70 | Source: ADAUSD on TradingView.com

Indicators continue to point to major bullish sentiment surrounding the asset. An asset that has over 70% of its entire circulating supply staked ahead of the upgrade that brings smart contracts to the network. Investors remain faithful as hold sentiments continue to climb across the community.

Cardano (ADA) is currently trading at $1.7842 at the time of this writing, moving closer to $2.0. The market cap currently sits at $57 billion, up 13% in the past 24 hours, with a fully diluted market cap of $80 billion.

Featured image from Fintechs.fi, chart from TradingView.com