Ranked among the top ten cryptos, Cardano (ADA) has made it pretty far since it was first launched, although ADA hasn’t been around for a full year yet. Cardano was launched as an ICO in September 2017, and since then it managed to rise up by over 1400% against the dollar. Cardano is also known to be made specifically for representing a highly sustainable ecosystem for digital assets, and given the fact that the network is easily prone to developmental operations, the system is easily updated. Let’s see how far Cardano can go in the following months of 2018 based on its previous performance.
Cardano Price Analysis and Why ADA?
Cardano (ADA) started out with 2018 quite prominently as the market was acting bullishly almost during the entire January. That is also the time when the majority of currencies made it with setting price records, making the beginning of 2018 more than promising for crypto assets.
At the time, Cardano has made it with rising up towards it personal record of 1.22$ per one unit, which was set back at the beginning of January. Unfortunately, Cardano never went back to its all-time high again, however, this is not a strange case at all given the fact that we have the majority of digital assets trading far from their previous all-time high prices that were mostly set back in January.
The prices started to go down with the beginning of a massive market dip that went straight for 8 weeks, while the consequences of this crash in the market can still be spotted in the market today if you take a look at the prices of the coins while comparing them to their prices back in January.
During the time since it was first launched, Cardano made it with rising over 1400%, which eventually led it to the 7th spot on the global coin ranking list due to its market cap.
Given the fact that ADA’s technology also came up as promising too many investors, Cardano team is driving ADA up among the top cryptos with having created a highly sustainable network that can be easily developed and improved for the future updates.
Although we can see the majority of the currencies trading in the green today, on May 30th, while going up against the dollar, that wasn’t the case in the last 30 days when it comes to a great portion of currencies.
ADA is among such currencies, as we can see it on its monthly chart losing over 40% against the dollar while trading in the red by exactly -42% in the last 30 days.
The chart for Cardano (ADA)’s progress in the market seems a bit more promising when you take a look at its rises and falls in the last two months as we can see ADA going up against the dollar by 44% while trading in the green in the period of the last 60 days.
If you take a look at weekly charts, you can see that ADA went down in the red zone by dropping against the dollar by 18% in the last 14 days, while it dropped by -5.8% against the dollar in the period of the last seven days.
However, despite the frequent loses in the period of the last month, ADA can be seen as it is slowly bouncing off against the dollar while collecting rises for the past two days after a brief market brief and a rather sluggish trend of trading in the red for a prolonged time altogether with its peer cryptocurrencies.
From the point of getting to an all-time high of over 1$ to the end of March, it was all about losing due to a cruel market trend, so it is a nice change to see ADA rebounding at this moment.
Cardano and the Market
The first logical goal for Cardano (ADA) would be to have it back above the one dollar price that was set back in January, which isn’t an unrealistic case at all if you take a look at ADA’s progress in the market in general.
In order to get to the price of around 1.22$ per one unit, ADA would need to rise 5 times its current price, which at the current pace of growth is pretty much possible latest by the anniversary of Cardano’s launching, which would be in September.
Cardano makes up for a pretty stable coin in the market, so this goal can definitely be achieved if the market trend turns a bit softer on cryptos in the following months.
Following the latest change, Cardano (ADA) went up by 5.77% against the dollar and can be traded at the price of 0.21$ per one unit.