cardano-ada-technical-analysis-coin-price-watch-may-2018

Cardano (ADA) is a relatively new cryptocurrency in the market and growing in spectacular fashion. It is hailed as the only currency based on sound scientific philosophy, open source software, and peer-reviewed work. One of this coin’s features is that it includes advanced contract handling.

Since its introduction to the market in September 2017, the cryptocurrency has been the cynosure of the market due to its unique blockchain platform and corresponding features. It was the first cryptocurrency to implement the highly efficient proof-of-stake algorithm named Ouroboros.

Cardano’s capitalization is worth $9,234,548,422 USD right now, which is an impressive feat to achieve in only eight months. It’s the world’s sixth preferred coin, according to Coinmarketcap and if things keep going as they have so far, it’s going to continue rising in value and market share.

As we can read from the chart above, ADA experienced a sharp and powerful move from its all-time highs of nearly $1.40 in the first week of January 2018 to its recent bottom in the $0.12 zone, paring back its entire move from last December.

If ADA should rise to $0.44 – $0.52 range, it may witness a bullish movement with a potential objective in the $0.70-$0.75 range making a 100% move from current levels. Meaning, from a short-term point of view, we are either expecting an upward movement to $0.44 $0.52 range, or $0.255 support level.

Although ADA experienced a near round-trip reversal during the 1st Quarter of 2018, things are beginning to shape-up again from a technical view. As we can see from the daily chart above, ADA has spent the past several weeks in March/April in what appears to be a bottoming-basing phase and has since found its legs recovering from the $0.12-$0.13 range to its present $0.35 level.

As we can conclude from recent updates, the team behind the project is highly competent and actively working, making Cardano’s growth very steady. At the coin’s current price, it’s still cheap enough to buy in high volumes since the prospects for growth are there as well.  We recommend keeping an eye on this currency as it is expected to keep growing and become one of the market’s big players sooner rather than later.

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