The Cardano course is in the bull trend! Should Cardano exceed Ethereum in market capitalization, the Cardano price could rise to 15 USD.
The Cardano price is very popular
The ADA price is currently reaching unprecedented heights, forming a new all-time high. The bullish volume in the monthly price rose sharply in 2021. Cardano is currently in a very strong bull trend, and he finds his next bullish price target at around USD 4.7, where the Cardano price encounters Fibonacci resistance.
Where is support waiting for the ADA price?
In the weekly rate, the 50-week EMA crosses the important golden ratio support at around USD 1.2. This level is currently considered to be the strongest support for the ADA course and if this level holds, the Cardano course remains bullish. However, the ADA price could see a strong rejection at the Fibonacci level at $ 4.7. Finally, the RSI could show a bearish divergence as a result, whereupon the ADA price could drop sharply. Before the Cardano price drops to the very strong support at USD 1.2, it will first find strong support at the 0.382 Fib level at around USD 1.9.
Could the Cardano price also fall sharply now?
While I suggested in the last analysis that the ADA price could probably fall to 2.2 USD, the Cardano price actually only fell to 2.45 USD. However, a bearish divergence is now emerging again in the RSI, and the MACD is also giving bearish signals. Should the Cardano fall below the USD 2.45 level, it will only find support again between USD 1.9 – 2.12, where the 50-day EMA serves as support slightly above the 0.382 Fib level.
Does the ADA / BTC price break out bullish?
Against Bitcoin, the ADA is currently about to break the golden ratio resistance at 0.000056 BTC. With that, it could rise around 48% to its all-time high at 0.00008788 BTC. Otherwise, the ADA / BTC rate will find support at 0.00004 BTC and 0.000026 BTC.
It is currently very unlikely that Cardano’s market capitalization will exceed Ethereum’s market capitalization. Thus, a fivefold increase in the Cardano price is only tangible if Ethereum develops similarly. So far, Cardano is finding very little adoption, and blockchains like Solana are encountering significantly higher levels of adoption. With great success! The Solana price rose from the last low at around USD 20 a few weeks ago to more than USD 140.
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