Cardano is a next-generation blockchain platform that offers scalability, sustainability, and flexibility in smart contract technology. It adds unique features to the world of decentralized applications, gaming, and the entertainment industry.
ADA has already given an enormous return after a breakout of 2020, and that is why it is consolidating within a range. It will again turn bullish and set a new high. You should learn more about Cardano before investing for the long term. As you are buying a small amount of gold for safety, you can buy a fraction of the crypto for the long term to gain appreciation on the investment.
No one can predict how long Cardano will continue, but it will give you a good return in the long term. That is why you should accumulate ADA in every dip as per Cardano price prediction.
ADA has an essential use case because it enhances the blockchain network of Ethereum. It does not have any competition in the sector, but it has a lot of opportunities to be successful in the future.
At the time of writing, ADA/USD is trading around $0.8632. Looking at the chart closely, you can find that $0.92 is a previous support level that works as a recent resistance level. Now today’s candlestick is red. Interestingly, it can move on either side. Cardano’s price may go down, taking the support around $0.76, or it may rise and face another resistance around $1.20.
Is it the ideal time to invest in ADA coin? On the daily chart, MACD has made a bullish crossover; RSI has jumped over 40. Today’s candlestick is just over the baseline of the Bollinger Band. All these technical indicators suggest the market is short-term bullish. However, will Cardano last long? We have to analyze the weekly chart for it.
After reaching a high of $2.98, Cardano has been in a downtrend, but in the last three months, it has found a support level around $0.77. We would not suggest investment for the long term if ADA does not reflect a positive momentum in the price chart. However, in the short term, you can invest after it crosses $0.98, with a target price of $1.20.