- Cardano price looks primed to continue making huge gains
- All time high for ADA not far off
- Bullish crypto market propels interest in smart contract cryptocurrency with new mainnet ready by September 12
Although there has been a slight correction over the past few hours, it seems that the Cardano price will continue moving forward and make new highs. The ADA price has appreciated by well over 100% since its July 20 low of around $1.04 and even reached the $2.26 level on 14 August.
Although there has been considerable speculation over how the crypto tax mentioned in the new US Infrastructure Bill will affect crypto investors, this has been shrugged off. At least the ADA bulls are once again in town and looking to reach the All Time High of $2.45 registered in April of this year.
As always there are pitfalls along the way but the general trend for the Cardano price seems to be a bullish one. If you haven’t yet bought some ADA then have a look at this How To Buy Cryptocurrency Beginner’s Guide.
Short Term Prediction For Cardano Price: A Push Upwards Is On The Cards
The Cardano price is currently trading at around the $2.10-$2.12 mark which represents a considerable 45% gain from its 10 Aug price of $1.45. It reached the $2.26 level on 14 August only to fall back slightly by around 5% to the $2.12 level.
A bullish thesis would have the Cardano price bounce back from this price level to start attacking the $2.35 mark. If that resistance is broken then a move forward to the $2.45 level would be the next logical step and another all time high for ADA. This would mean a 20% appreciation from the current price level.
A bearish thesis would of course invalidate all this with the price possibly once again dropping to just above the $2.00 level If a sell off were to occur, then the price would probably continue dropping and find support at the $1.80 mark. However, this scenario looks extremely unlikely at this point with all the bullish sentiment currently in the market.
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Long Term Price Prediction For ADA: Looking To Set New Highs
The long-term predictions for the Cardano price are certainly bullish ones. ADA has shown quite extraordinary performance over the past three weeks with a doubling of its value. This growth has also brushed aside sell signals and the Cardano price is just a whisker away from setting a new ATH.
More positive news from the Cardano stable came on August 13 when the head of delivery Nigel Hemsley announced that the Alonzo mainnet hard fork would be ready by September 12. This upgrade should bring smart contract capabilities to the Cardano blockchain.
All this positive news as well as the general bullish sentiment in the crypto market should propel the Cardano price forward on a long term basis.
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Gerald Fenech
