Cardano (ADA) is one of the most fundamentally strong coins in the market. The team is building one of the most scalable blockchains in the market, one that will make it very useful in the development of industry level applications. The only reason why its price has remained relatively depressed is the bearish trend in the entire market. However, in the short-term, the value of Cardano (ADA) could see some gains, even if the rest of the market remains as it is. That’s because it has a couple of good news coming up in the next few hours.
The first big news is that Bittrex will be pairing Cardano with the USD on the 5th of September. This will make Cardano (ADA) more accessible to investors, and will in the long-run drive up its price. But in the short-run, it could lead to a spike in price. It will spike out of the excitement that investors always have, whenever big exchange listings come up. In this case, Bittrex, one of the major exchanges in the world will be adding USD/ADA, and this will without a doubt push up volumes, and consequently, the price.
On top of that, this listing is coming just a day before Cardano’s roadmap update. The market is eagerly anticipating this update, as part of the growth of the Cardano blockchain. So far, everything has been going on quite well with Cardano, and once the update is announced, it will add to the momentum around this crypto, creating the buzz to push the price higher.
Looking at the charts, Cardano is trading in a tight range, but in a slow ascending pattern. This is an indicator that it could be headed for a breakout in the short-term. Once the Bittrex USD pairing happens, and the roadmap upgrade is announced, Cardano could test $0.125 resistance level on the 55-day moving average.
If it gains momentum and breaks above this level, then there could be a possibility of it testing $0.142 on the 100-day moving average. Of course, a rise in the price of bitcoin (BTC) could give it an even bigger boost in value, relative to the rest of the market. Longer term, Cardano is without a doubt one of the best cryptos to hold. It’s scalable and scientifically verified proof-of-stake algorithm, makes it a highly valuable blockchain. That’s because scalability is the main issue standing between blockchain projects and mass adoption in real-world business.