- “Cardano has the potential to become a very successful project”¦” says Greenspan’s report.
- Cardano price eyes $0.20 in the short-term, on the flipside a couple of support areas are highlighted at $0.17 and $0.16.
In his latest research paper, eToro’s Senior Analyst, Mati Greenspan, concluded that the Cardano project is a “highly advanced and extremely scalable network with the potential to constitute the next phase of the Ethereum blockchain, offering the necessary infrastructure for decentralized applications to run quickly and securely.”
However, the report’s token valuation analysis section outlines that it is not easy to arrive at an accurate valuation for ADA. It says that the token is still relatively young and this means that the aspects used to determine its performance still remain unknown or rather, they could change considerably in the future. The report adds that the project is still developing and is not yet fully operational, and therefore, it makes it is hard to determine the transaction volume which could change significantly in future as more dApps are launched on the platform. However, the report concludes that:
“Cardano has the potential to become a very successful project as it progresses through its long and ambitious roadmap.”
Cardano price analysis
Cardano is extending gains, besides it is up over 14% in the last 24 hours. The price broke above the descending trendline that had been limiting the gains since the beginning of May. Similarly, escaping the falling wedge pattern entrapment has been key to the gains witnessed in the past couple of days.
ADA/USD is surging ahead at the time of writing and is intent on testing $0.20 before the close of the session on Wednesday 18. However, the uptrend appears to have hit a snag short of $0.16 and is now seeking balance at the 50% Fib retracement level between highs of $0.23 and lows of $0.11 slightly below $0.18. The trend is still bullish, but in the event, a reversal extends downwards, there is short-term support at $0.17 (former resistance) and $0.16 respectively.
ADA/USD 45-minutes chart
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