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Investors and Traders Have High Hopes on Cardano Price. How High Will the ADA Price Rally Be?

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Cardano Price Analysis

Over the previous two days, the Cardano cryptocurrency has reawakened investor interest. Last week, it surpassed Binance’s BNB token as the world’s third most valued cryptocurrency. The price increase is most likely due to impending network improvements. In the previous month, the price of Cardano has more than doubled. 

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After a big gain yesterday, Cardano price analysis is positive today as the market approaches the $3 threshold. As a result, we predict ADA/USD to continue to rise today and break above the $3 level. Following the current surge, which has reached a new all-time high, hopes for ADA have risen, and more new investors are buying ADA coins in anticipation of a further advance.

On the upside, the price is coming up against a big resistance near $3.00. If the price breaks out to the upside above $3.00, it could rise to $3.25. The next significant resistance is currently near $3.50. 

If the price breaks down below the $2.80 and $2.65 support levels, it may return to the $2.50 support. ADA has strong support at $2.40, and it is in desperate need of consolidation after hitting new highs.

We believe that now is a good moment to buy before Cardano price rises above $5. With a further breakout, one can expect the current trend to continue. 

Van de Poppe, a full-time cryptocurrency trader, discussed the optimistic $100 price forecasts. According to the analyst, such aims on Twitter demonstrated “fear of missing out,” or “FOMO.”

Cardano Millionaires Count Surges 173%

According to CoinMetrics statistics obtained by Messari, Cardano’s UTXO count has increased from 816,600 on January 1 to 2.85 million at the press time. This demonstrates an enormous increase in Cardano investors’ “hodling” attitude, which may have acted as a support to ADA’s 1,455% YTD gain.

Additionally, there were increases in Google Trends queries for the term “Cardano,” indicating retail curiosity. Also, the number of Cardano wallets containing over $10 million in ADA tokens increased from 504 on July 20 to nearly 1,000. There were just 86 wallets with balances of more than $10 million on January 1.

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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.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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