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Is This The Right Time To Buy Cardano(ADA)? Know What Analyst Thinks?

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Highlights

    Cardano price is at a strong consolidation phase. ADA/BTC price metric indicates strong bullish sentiments.

    Cardano officials say, “Programmable Identifiers” will bring revolution in DeFi world and ADA will dominate ETH and SOL’s smart contracts capability in the near future

    The team built 7 virtual Cardano worlds prior to the Cardano summit on September 25th and 26th

Cardano, which has been making headlines after much awaited Alonzo hard fork upgrade on September 12th, 2021 is patiently waiting for a breakout! The increasing selling pressures letting Cardano (ADA) price find a strong support zone between $1.9 and $2.20

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RSI factor of Cardano is at 26.08 indicating an overbought scenario. With the increase in buy pressures, ADA price has seen a dip by 8.57% in the last 24 hours. The Cardano price is trading at $2.16 at the press time. 

Analyst Bullish On Cardano Price.

Popular crypto analyst, Micheal Van de Poppe in his video analysed the ADA’s ongoing consolidation phase. Analyst says bullish sentiments for Cardano are increasing like never before. These huge buy signals are rising after the Alonzo hard fork upgrade and prior to the most anticipated Cardano summit. He made a tweet addressing his 412.7k followers, “Time to enter Cardano”?

Cardano price has been hovering around $1.9 to $2.40 level, which is a key resistance level that the price can sustain, according to Van de Poppe.

“Cardano running onto these ($1.9 to $2.40) support level here, still consolidating. That might be taking some time before we are going to have an actual run on Cardano” He added.

He then refers to ADA/BTC price chart says, he is looking at Cardano price against bitcoin in the region between 4000 and 4740 sats. Indicating the region zone he added, 

“if you want to get into Cardano these two regions are ones that you should be taking any action”.

He went on to say, the Cardano price may experience a heavy dip if the price fails to sustain in the present range.

Also Read: Cardano Price to pick up pace soon ! Exciting month ahead for ADA!

Cardano’s Programmable Identifiers to Push ADA Price Rise!

The present pullback seems to be Cardano’s “Calm before the storm” behaviour. Huge ADA buy signals are recorded prior to Cardano’s biggest blockchain event that is happening on September 25th-26th. The IOHK team built 7 virtual Cardano worlds on the back of a turtle to give unique experiences and discussions about the latest blockchain innovations. 

The team has also created essential Cardano GitHub repo to curate a definitive list of all Cardano ecosystem projects. The related projects are said to bring revolution in the smart contracts mechanism. Cardano founder Charles Hoskinson said that the term “Smart contract” is a misnomer when it comes to Cardano. The founder further advised that the new feature be referred to as “programmable validators“.

The team further informed unlike other platforms ETH, SOL etc. The Cardano ecosystem will take unique measures such as validators are implicitly referred to by hashes prior to their use, and they are disclosed upon activation other than deploying a smart contract.

Cardano investors strongly believe that this step is going to bring revolution in the crypto industry. However, the community is awaiting how these events are going to impact ADA prices. The present price pattern is awaiting either a breakout or breakdown to happen anytime soon! 

Also Read: Altcoins That Could Challenge The Bearish Divergence This Week

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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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