{"id":663,"date":"2021-02-16T05:00:00","date_gmt":"2021-02-16T10:00:00","guid":{"rendered":"https:\/\/www.hodlin.com\/blog\/?p=663"},"modified":"2021-02-16T00:14:50","modified_gmt":"2021-02-16T05:14:50","slug":"cardano-price-ready-to-fly-with-the-birds","status":"publish","type":"post","link":"https:\/\/www.hodlin.com\/blog\/cardano-price-ready-to-fly-with-the-birds","title":{"rendered":"Is the Cardano Price Getting Ready to Fly With The Birds?"},"content":{"rendered":"\n
\"Charles
<\/figcaption><\/figure>\n\n\n\n

The Cardano price has been off the charts, racing higher, and is one of the best performers in the top 10.<\/p>\n\n\n\n

For perspective, the ADA\/USD price is trading at near-all-time highs above $0.85, with observers saying the coin will soon reach $1 if the influx remains as it is.<\/p>\n\n\n\n

As of writing on Feb 16, the ADA\/USD price is changing hands at $0.81. Most importantly for traders, the ADA price is posting massive gains versus BTC and ETH. For instance, in the last week alone, ADA price has increased 5% and 17% against BTC and ETH<\/a>, respectively.<\/p>\n\n\n\n

Candlestick arrangement points to bulls. However, from a trader’s perspective, the influx of new traders points to interest.<\/p>\n\n\n\n

On the last day, the average daily trading volume is up 17 percent to $4.2 billion, an increment over the previous week where participation was nearly half of the current rate. However, with the Asian session dump, these could be sellers exiting their longs.<\/p>\n\n\n\n

Cardano Price Overview<\/h2>\n\n\n\n

A blend of a bullish crypto market and the influx of new traders is injecting more momentum, supporting ADA bulls. In the immediate term, buyers target $1, a level they almost hit last week when prices soared to $0.98.<\/p>\n\n\n\n

There is a rejection of higher highs following the long upper wick of last week, pointing to liquidation in smaller time frames.<\/p>\n\n\n\n

Still, this isn’t changing the fact that the ADA\/USD price is trading within a bullish breakout pattern. By building on last week’s gains, this could be the launching pad for a moonshot towards $1.32, the coin’s all-time high.<\/p>\n\n\n\n

Notice that the ADA\/USD price is still in the early stages of a bull market, following last week’s upsurges. Accordingly, traders are bullish, most likely positioning their longs for a possible protracted upswing that will lift ADA price to $1.32 and beyond.<\/p>\n\n\n\n

Despite the rally, traders can also lean on caution, aware that losses below $0.40 or April 2018 high may be crashing to bulls as bear takes over. However, for this to pan out, the initial reaction point should be how prices react at $0.65, that is, last week’s lows.<\/p>\n\n\n\n

Cardano Market Movers<\/h2>\n\n\n\n

Cardano is a smart contracting platform that’s still in development.<\/p>\n\n\n\n

In a five-phase rollout culminating in Voltaire, Cardano will support smart contracts using a Proof-of-Stake consensus algorithm with side chain possibilities.<\/p>\n\n\n\n

Additionally, it will support the launch of native assets with fees paid using the project’s native token, not ADA.<\/p>\n\n\n\n

Combined with complete decentralization and handing over control to staking pools, the network would eventually be superior to Ethereum. Although it enjoys a first-mover advantage, the network has a fee problem.<\/p>\n\n\n\n

Cardano Major Liquidity Announcements… and Birds<\/h2>\n\n\n\n
\n

And let me be clear, don't mess with my birds pic.twitter.com\/ZjHOB7hUBz<\/a><\/p>— Charles Hoskinson (@IOHK_Charles) February 14, 2021<\/a><\/blockquote>