{"id":564,"date":"2021-01-11T15:34:13","date_gmt":"2021-01-11T20:34:13","guid":{"rendered":"https:\/\/www.hodlin.com\/blog\/?p=564"},"modified":"2021-01-11T16:22:08","modified_gmt":"2021-01-11T21:22:08","slug":"cardano-price-contracts-but-will-ada-bulls-retest-40-cents","status":"publish","type":"post","link":"https:\/\/www.hodlin.com\/blog\/cardano-price-contracts-but-will-ada-bulls-retest-40-cents","title":{"rendered":"Cardano Price Contracts: Will ADA Bulls Retest $0.40?"},"content":{"rendered":"\n
\"Cardano
Cardano Ada Bulls Retest<\/figcaption><\/figure>\n\n\n\n

Cardano (ADA) is one of the top performers in the top-10, as determined from last week’s gains.<\/p>\n\n\n\n

The ADA\/USD price, for instance, is on a stretch versus other performing currencies and projects.<\/p>\n\n\n\n

As of writing, ADA is changing hands at $0.27<\/a>, adding 36, 31, and 21 percent against the USD, BTC, and ETH, respectively, in the last week of trading.<\/p>\n\n\n\n

Interestingly at spot rates, participation is comparatively high, decent by all means. On the last day of trading, the average daily volume rose to $1.7 billion.<\/p>\n\n\n\n

Despite the small increment, it is still at its peak, following last week’s sharp gains amid a slew of positive news.<\/p>\n\n\n\n

Cardano (ADA) Price Overview<\/h2>\n\n\n\n

At $0.27 as of writing, the ADA price uptrend is still firm. The underlying bull momentum is also strong as per candlestick arrangement and other technical indicators supportive of bulls.<\/p>\n\n\n\n

Notably, the ADA\/USD price volatility has been high, spilling over from December 2020. During this time, following the breakout from $0.16, the coin has nearly doubled with clear boundaries between $0.20\u2014on the lower side and $0.40\u2014on the upper side.<\/p>\n\n\n\n

These two serve as support and resistance levels and possible reaction points in the medium term.<\/p>\n\n\n\n

Depending on whether the upside trend will continue, any break above $0.40 may see the ADA\/USD price soar to $0.54 and $0.64\u2014these are key Fibonacci extension levels of the two-year accumulation between 2018 and 2020.<\/p>\n\n\n\n

On the lower side, $0.25, a previous bull target, and now support could be the first reaction point before the middle BB\u2014a flexible support level.<\/p>\n\n\n\n

Cardano (ADA) Market Movers<\/h2>\n\n\n\n

Cardano is a smart contracting platform, more like Ethereum, but primarily based on the Proof-of-Stake consensus algorithm. It is also peer-reviewed.<\/p>\n\n\n\n

The final version of Cardano, called Voltaire, will allow smart contracting. Before then, two more phases must be activated in Goguen and Basho.<\/p>\n\n\n\n

Before Goguen, there was Shelley, a phase allowing staking. Because of this, Cardano is decentralized and the biggest staking network in the world, replacing Polkadot.<\/p>\n\n\n\n

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.@Cardano<\/a> $ADA<\/a> is now officially the biggest Staking Network in the world!https:\/\/t.co\/XgGdBujAsO<\/a> pic.twitter.com\/2pOzqTCzPH<\/a><\/p>— Staking Rewards (@StakingRewards) January 9, 2021<\/a><\/blockquote>