Cardano To The Moon…Here Is Why Ada Should Be On Your Watchlist
Cardano’s native cryptocurrency ADA may have gone unnoticed to many crypto traders in the last few days, thanks to all the hype around Dogecoin. However, it was also one of the best performing digital currencies the previous week, with...
Cardano’s native cryptocurrency ADA may have gone unnoticed to many crypto traders in the last few days, thanks to all the hype around Dogecoin. However, it was also one of the best performing digital currencies the previous week, with its price surging from the week’s low at around $1.26 on Tuesday to a weekly high of $1.80 on Sunday.
Crypto traders have shifted their attention from Bitcoin, whose price range seems to be limited between $53,000 and $58,000. The lack of more volatility has encouraged traders to shift their attention to other possibilities elsewhere, thus fueling altcoin season. Benjamin Cowen, a crypto analyst who has been closely watching ADA’s price action, believes that it has a potential upside.
Why ADA is bullish
Cowen noted that ADA has already rallied 3,000% in the last 12 months and believes it could still go up another 500% from the current range. This is based on the expectation that hodlers are aware that BTC and ETH are already high and have less wiggle room than their lower-priced counterparts. His deduction explains why Altcoins are currently experiencing a lot of bullish momentum.
Some analysts expect the bullish pressure to push the price up to around $5, but it is currently trading significantly below that price target. ADA is now the fifth-largest digital coin according to CoinMarketCap ($57.4 billion), but some believe that the volume is still low. More trading volume will likely follow because ADA is still trading significantly below its all-time high.
ADA’s recent price surge was linked to a tweet by Cardano founder Charles Hoskinson, in which he was seen having dinner with the Governor of Wyoming. Changpeng Zhao, the CEO of Binance, responded to the tweet saying such meetings indicate that the cryptocurrency industry is building positive relationships with lawmakers and regulators.
Cardano maintains its goal of ensuring that its proof-of-stake platform will continue to help visionaries and innovators have a positive global impact. Although the ADA’s current expectations by most analysts are overwhelmingly positive, some expect there will be pullbacks due to retail trading forces. Still, the overall expectation is that we will continue to see higher prices.
Aside from the CEO’s recent tweet, there has barely been any news to encourage more traders to jump in, thus explaining the relatively low volume. However, the momentum from altcoin season is expected to make ADA more visible to investors especially given its impressive performance in the last seven days.
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