Cardano Price Prediction: Eyes on Upward Trendline Support at $2.03?

• Charles Hoskinson dismissed criticism of market capitalization.
• Cardano price prediction remains neutral, maintaining a sideways trading range of $2.2475 – $2.037.  
• Forex trading participants may look for a buy trade above the $2.03 level to the targets of $2.24 and $2.43. 

The ADA/USD closed at $2.072858 after reaching a high of $2.196253 and a low of $2.048493. It continued its bearish momentum and dropped for another day despite having positive developments in its environment. Cardano price prediction remains neutral, maintaining a sideways trading range of $2.2475 – $2.037.  

Cardano blockchain becomes the third-largest virtual currency

Reports from Bloomberg suggested that the ADA token linked to the Cardano blockchain has become the third-largest virtual currency in the world. That’s the recent network development that added smart contracts to Cardano.

The new technological enhancement in the Cardano network has pushed the ADA token’s price up by about 50% over the past week. This improvement will allow Cardano’s network to offer lucrative services, including DeFi, the specialty of the second largest cryptocurrency platform, Ethereum.

The Ethereum platform dominates in providing DeFi services to developers. However, with the new additional smart contracts service on the Cardano platform, the token linked to the platform, ADA, is considered the third-largest cryptocurrency.

According to tracker CoinGecko, the total market value of the ADA token reached $69 billion, which is bigger than all rival currencies except Bitcoin and Ether. This news should have pushed ADA/USD prices to jump all over the board. But somehow, the token remained under pressure due to the profit-taking and remained red for the rest of the trading session.

Charles Hoskinson dismissed criticism of market capitalization.

Meanwhile, the founder of the Cardano Foundation, Charles Hoskinson, recently dismissed criticism of the cryptocurrency’s market capitalization. His response came after ADA surpassed the Binance Coin and became the third-largest cryptocurrency by market cap.

Last year, the price of ADA exploded by over 1400%, and now it has reached $2.17. This is partly due to the upcoming launch of an upgrade to its network that will enable smart contracts on the platform. It will allow the network to compete with the second largest cryptocurrency, Binance Smart Chain.

Both of these platforms are well-known and dominant in the DeFi space. Many people started criticizing that ADA became the third-largest cryptocurrency by market cap and called it a scam. That is where Hoskinson stepped in and dismissed the criticism, and defended his cryptocurrency.

Cardano Price Prediction – Technical Levels

Support Resistance

2.015483 2.163243

1.958109 2.253627

1.867724 2.311002

Pivot Point: 2.105868

Cardano Price Prediction – Technical Outlook: Choppy Range 2.25 – 2.03

Cardano’s price prediction is neutral as the pair is tossing between a choppy trading range of 2.25 – 2.03. The ADA/USD pair’s immediate support prevails at the 2.03 level that’s being extended by a double bottom and the 23.6% Fibonacci retracement level.

The breakout below 23.6% Fibo levels could extend the selling trend until the 1.8672 level, which marks the 38.2% Fibonacci retracement level. On the bullish side, the 50 day EMA (Exponential Moving Average – Red Line) will likely extend resistance at the 2.200 level. However, the breakout above this level will open further room for buying until the 2.4371 level.

Since the ADA/USD price is closing below 50 EMA, the bearish bias remains potent. Lastly, the upward trendline will be the main highlight of the day, and the breakout of this trendline at the 2.037 level will determine further trends in Cardano.

On Tuesday, the ADA/USD price prediction remained bullish above the $2.03 level. Therefore, forex trading participants may look for a buy trade above the $2.03 level to the target of $2.24 and Alternatively, we may see a selling trend upon breakout of the $2.03 level with a target of $1.8695. All the best.

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