Cardano (ADA) one of the listed tradable cryptocurrency on Bityard, is an open-source blockchain that uses Proof-of-stake algorithm. Cardano allows its users to send and receive fund securely.
Cardano was released in 2017 by former co-founder of Ethereum Charles Hodkinson.
Over the years Cardano have gained recognition as one of the potential cryptocurrencies by so many cryptonalysts.
Cardano is currently ranked as the 6th most valuable cryptocurrency in the world, with a market cap of $13.389Billiom. As of the time of writing the current price of Cardano is 0.4243.
PAST ANALYSIS FOR CARDANO
During the ending days of December 2020 the price of Cardano was hovering around a price range between 0.1329 – 0.17147
On 29th December 2020, Cardano broke this ranging with a price of 0.1945, Cardano’s run to the upside continued. January From 6th – 9th 2021.
Cardano reached a new all-time high of 0.3874 on 6th January, after which it retraced back to 0.2282.
From 15th – 1st of February 2021 after so many attempt to break pass its all-time high, Cardano went into a range between 0.3874 – 0.2282.
Overall in January 2021, Cardano gained more than x190% in its price.
PRESENT ANALYSIS FOR CARDANO USING FIBONACCI RETRACEMENT, BOLLINGER BAND AND STOCHASTIC RSI METHODS
On 1st of February ADA spiked to 0.42864 (up to x300%) breaking its previous all time-high of 0.3874.
The Fibonacci retracement method;
On chart above the Fibonacci method correctly predicted the previous all-time high prices of ADA, the possible future prices of the ADA in February-march using the Fibonacci retracement are 0.45, 0.48, 0.5.
The Bollinger band and Stochastic method;
The Bollinger band indicates that the middle band has been a very strong support line for the ADAUSDT pair, the ADA has always respected this support line and it doesn’t seem to breaking it anytime soon.
The stochastic RSI indicates an oversold cross-over on the 29th January, this therefore suggest a very strong bullish run in the coming days of February-march.
SOME FUNDAMENTAL FACTORS THAT LEAD TO THE SURGE IN THE PRICE OF CARDANO;
- Launching of smart contract just like Ethereum, leading to a tremendous development of applications by users.
- The filing of Grayscale-Cardano Trust with the Delaware registry by
- Creation of apps using Cardano blockchain.by many developers.
- Launching of Mary hard fork on Cardano’s test net.
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Conclusion
Cardano is a cryptocurrency with great potential, in the first half of 2021, Cardano witness a very strong bullish run, breaking its all-time high twice at 0.3874 and 0,42864.
Technical indicators like Fibonacci, Bollinger and stochastic indicates a very strong bullish run for the Cardano in the coming days of February-march.
Some fundamental factors were also seen to had a great impact in the rapid rise in the price of Cardano
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