Cardano (ADA), with a market cap of $17.4 Billion, is the 5th largest cryptocurrency at the moment. Priced in at $0.67 at the moment, Cardano has recovered by over 8% in the past 24 hours. The cryptocurrency has been backed by a large number of users and had peaked in early January when it reached the price of $1.26 – however it has been a downhill ride since then.
Cardano finally appears to be gaining some momentum. However, despite this recent recovery – the future still looks uncertain for the cryptocurrency. At the moment, Cardano is in a position similar to Dash. Dash is on a breakout point – but for the moment it can rise or fall without any certain sense of movement. This will become apparent over the next couple of days.
However, market analysts are leaning towards the fact that ADA is more likely to rise than to fall. At the moment, Cardano is at the $0.67 mark – which is slightly above the $0.65 breakout line. However, the margin isn’t big enough to consider it as a legitimate ‘trend’. Take a look at the graph below:
Given the fact that the currency is already just beyond the breakout point and the markets are showing signs of recovery – there’s no reason to believe that Cardano might fall. However, considering the historic movement of the currency, the short-term fate of Cardano still hangs in the balance and there’s a lot of uncertainty.
For those trading in Cardano, we strongly suggest setting up a stop-loss at about the $0.55 mark beyond which a free-fall can be expected. If the currency rises, targets of $0.75, $0.85 and even $1 can be set for short-term trading over the next month. As a closing statement, we believe a slow uptrend is forming – and Cardano, amid uncertainty, is likely to grow.
For more (ADA) Cardano price updates and news stay tuned to Cryptocrimson or you can also bookmark our page. We’ll also keep adding updates to this article for real-time analysis.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.