Cardano remains a fixture among the top cryptocurrencies and could now pave its own way to the top
The past six months have been extremely beneficial for Cardano (ADA). The project, which is currently considered one of Ethereum’s biggest rivals, has done a lot in terms of developing and updating its network. According to several analysts, the continuation of this development should drive the ADA price higher in June.
As a result, it saw a sharp rise in price, taking it from $ 0.18 on December 31, 2020 to an all-time high of $ 2.3 on May 16, 2021. Before its spike in early January, Cardano price was at a stable level of just under $ 0.1 for a year, occasionally reaching this resistance band but rarely exceeding it except for a brief period in August 2020.
ADA price in 2020 and 2021
The price of the coin began to wake up in mid-December 2020, and the first signs of real activity began in early January as the coin gained momentum. That growth suddenly accelerated in early February, and ADA prices soared from $ 0.3 on January 30th to $ 1.30 on February 28th of this year. In other words, in just one month, the ADA price more than quadrupled. The uptrend slowed for a while here, with $ 1.30 providing robust temporary resistance.
In mid-April, ADA attempted another hike, this time reaching as high as $ 1.50 before being rebuffed to $ 1.08. However, this time it took very little time to recover and regain its strength, recovering immediately, rising continuously from April 25 to May 16, hitting a new all-time high (ATH) at $ 2.3091 .
This was around the same time that the prices of Bitcoin, Ethereum, and other leading coins began to plummet due to a sudden bearish market reversal that lasted for several weeks. Cardano, itself a high-ranking coin, followed. Within a week it fell back to $ 1.32, only to rise again to meet new resistance at $ 1.80. ADA was unable to break this level of resistance even after several attempts, but the price was able to recover sooner and faster after each rejection.
Cardano price forecast
Cardano’s price hike was definitely fueled by the industry-wide bull run led initially by Bitcoin and later by Ethereum. But even without this flood, ADA had many reasons for growth this year.
Cardano is a project that prefers to take things slowly and give the “right” priority over the “first get there”. It did not rush its development due to favorable price movements, which meant it remained inactive for an extended period of time, but the market reacted quickly in situations like the first half of May 2021 when its price was due to recent developments.
In other words, at least according to the experts, Cardano could very well be one of the best long-term investments in the crypto industry, and that could shift into higher gear in June. The “Alonzo” hard fork has now begun and heralds the long-awaited arrival of smart contracts.
Thanks to these additions, Cardano is finally ready to start hosting dApps, DeFi projects, and more, so it can really compete with Ethereum, whose Ethereum 2.0 is still a long way from being deployed.
However, the opinions of experts on the Cardano price in June differ. TradingBeasts, for example, seems confident that Cardano will hit $ 2.06 in early July or possibly sooner. After that, it should apparently continue to grow until December of this year.
– Card ₳ no Dan 🇺🇸 🇯🇵 🇪🇹 🇹🇿 🌑 ADA (@CardanoDan) June 5, 2021
Twitter analyst @CardanoDan is optimistic for June. A strong trendline appears to be supporting the Cardano rally, and it appears that this strong technical picture, as well as the rapidly improving fundamentals, could help ADA lead a cryptocurrency market rebound in June.
Finally, we also have a brief forecast from WalletInvestor which is possibly the most optimistic price prediction site out there. It expects ADA to hit $ 3.3 in 12 months and $ 9.7 in the next five years. While it’s definitely the most optimistic outlook for ADA’s price, it also seems the most plausible as crypto rarely moves steadily and smoothly as other price prediction sites seem to describe.
Conclusion: ADA to $ 2 in June?
While almost all analysts agree that Cardano will benefit hugely from pricing over longer periods of time, there are also strong indications that ADA could see serious price increases over the course of June.
If the current bullish trendline holds, ADA is likely to hit $ 2 within a few weeks, and a continuation of that trend would likely bring a new ATH through the end of the month. For investors looking for signs of life in the crypto market, Cardano may be the best candidate for a June investment.
Please note that the details given above are solely a personal opinion of the author, which is derived from the relevant market data. None of this is to be understood as direct investment advice.