ADA Price Ready to Rally. Is $1.85 Possible Before The End of 2021?

Cardano Foundation CEO Frederik Gregaard has written a blog post in which he describes 2021 as a “year of enormous growth” for the cryptocurrency network and its native token $ADA, the price of which has risen about 700 percent this year. According to Gregaard, 2021 was a year in which the Cardano protocol had “steady growth, technological innovation, community expansion, and collaborations” that aided its progress. The CEO noted various on-chain events that he believes indicate increased adoption.

Cardano’s first three phases, Byron, Shelley, and Goguen, are already mostly implemented, allowing for varied ecosystem engagement and network expansion. On Cardano, important breakthroughs have included the complete decentralization of block generation as well as the entire range of applications, including data storage, asset creation, and smart contract capabilities. In the coming year, we shall begin with Basho and then go on to Voltaire. Basho’s focus will be on expanding the network to billions of enterprise-grade transactions, while Voltaire’s focus will be on increasing on-chain governance.

• Since the ledger began accepting numerous assets on March 1, the Cardano network has purportedly grown to have over 2.5 million native assets produced on it. Two million of these 2.5 million assets are reported to be non-fungible tokens (NFTs). Furthermore, Cardano has witnessed the creation of 2.58 million additional wallets in order to complete over 23.8 million transactions on the chain.
• To participate in the future IDO, Flickto aficionados must own KICK tokens, the Kick.io launchpad’s native governance, and utility tokens. KICK holders will be eligible for the closed IDO phase in addition to being able to reserve a slot in the FLICK IDO allotment. This limited phase will begin 24 hours before the general public auction.
• The Cardano blockchain has grown significantly in the last year, as seen by the number of wallets holding the network’s native coin ADA. According to Cardano Foundation data, the number of wallets has increased by more than 1,200% in a year, from 190,000 last Christmas to 2.5 million as of December 24, 2021.

Price Analysis of ADAUSD

Fear & Greed Index: 41%, Fear

All-time High: $3.10

7d change: 18.07%

Market Cap: $48,623,683,709

Circulation Supply: 33,457,332,643 ADA

Total Supply: 33,886,652,523 ADA

Weekly Chart Breakdown of ADAUSD

The market has bounced from the support of $1.185 after making a bullish divergence on the weekly timeframe.

Daily Chart Breakdown of ADAUSD

The price has been moving in a falling channel since bouncing from its all-time high. After bouncing from the support of the channel and $1.185 the ADA price has recovered significantly. The price might go towards the resistance of $1.85. On the other hand, a break below $1.185 will push the market towards the $1 level.

4 Hour Chart Breakdown of ADAUSD

The ADA price is around $1.47 role-reversal level, and we can see a bearish divergence on the 4h timeframe. The market might tank from this level towards $1.35. On the other hand, a break above the $1.47 level will push the market towards $1.70.

1 Hour Chart Breakdown of ADAUSD

The market has tested the $1.47 level once in 1hr timeframe. Now again, with the support of EMA20, the ADA price is moving towards the resistance level. A break above $1.47 will push the market towards $1.70.

Final Thoughts

With 4,000 projects already in the works, Cardano seems like a robust ecosystem in a few years. But, we’ll have to wait and see what 2022 brings to the crypto markets.