Altcoins

Cardano Hits New Milestone ! Here’s What to Expect For ADA Price

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Cardano price has broken over the $2.0000 resistance zone after trading in a narrow range since late last week. According to CoinMarketCap, its trading volume has increased by 77.45 percent in the last 24 hours. In the crypto market, it is presently placed 5th. 

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Cardano Price Action

The altcoin’s movements in Wednesday’s session suggested that it could be ready for a breakout. It had risen to a one-week high of 2.1462 earlier in the day before falling back. 

The focus in the coming sessions will be on the stability of the 2.0 resistance-turn-support level. The breakout will be valid above that level, and the bulls will have a chance to strike the next goal at 2.22. 

To get there, however, significant bullish momentum will be needed to push Cardano price to and past the resistance at Wednesday’s high of 2.1462. Bears will retest the horizontal channel’s lower border of 1.9124 if the price falls below this support zone. 

Also Read : Will Cardano Retrace Its Footsteps Back to the 3rd Position by Market Cap?

Cardano achieves a milestone!

The Cardano Community account announced on November 2 that it had surpassed over two million ADA wallets. 

Despite this, the currently fifth-largest blockchain in terms of market capitalization is on the rise. In a recent development, Atala Prism, a project by developer Input Output HK, was named to the Project Management Institute’s list of most impactful projects this year.

Atala Prism was created as a consequence of IOHK’s collaboration with Ethiopia’s Minister of Education to create a blockchain-based database for pupils. The platform was also looking into developing a digital ID system for students and professors in the country, according to an IOHK spokesman. 

Many traders were intrigued by Cardano’s 80x increase from $0.036 to $3.1 in 2020. Its price performance in 2021, on the other hand, was less spectacular. In addition, the market capitalization was hovering about $62 billion.

While early investors may still benefit from a potential 3x increase, people who have only recently begun investing in ADA may want to consider Cardano’s alternatives, such as Solana. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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