Cardano Price Prediction Weekly: Is ADA ready to skyrocket with the latest successful update?

Cardano foundation is collaborating with the team IOHK to produce an immensely adopted payment process out of ADA, alongside working on discovering solutions for some of the biggest difficulties in the blockchain field. Meanwhile ADA together with with Cardano makes up for an essential portion of blockchain communal, and there are some courageous predictions about reaching the price of 10$ per one unit in 2019.

How Much Time It Will Take To Reach The Value of 1.32$ For ADA?

The most fresh trend in the market that all cryptocurrencies are seen as leveling up, some only getting used to the latest ricochet and some spiking up. ADA made it to its best price back in January of 2018 when the preponderance of cryptos in the market went sharp to reach their all-time high values, where Cardano recorded the value of around 1.30$.

Is ADA ready to skyrocket? prediction March 24: There is resistance near $0.08. There is support near $0.03. Price is moving inside an ascending channel. It is following a steep, short-term ascending support line.

Price Rises for the 5th Consecutive Week

A look at the Weekly chart or ADA shows that the price is facing close resistance from the 40-period moving average. The past four weekly candles have been bullish, and the current one is a bullish engulfing. After making a bottom near $0.03, the price is currently trading at $0.062. The price is trading below and facing very close resistance from the 40-period MA. The MACD is moving upward with strength and is almost positive. The RSI is at 45, indicating neither overbought nor oversold conditions.

Bitcoin to see $5,000 by Following ADA

Bitcoin is Mirroring Cardano (ADA), Analyst Says if it Continues, $5,000 BTC/USD in Play
Cardano 1.5 was released, which brings a new consensus protocol Ouroboros BFT, a key step in the transition from the current consensus protocol running Cardano network, Ouroboros Classic to Ouroboros Genesis, the protocol for the Shelley. Ouroboros Genesis has been considered an ultimate upgrade to Cardano’s proof-of-stake (PoS) consensus algorithm that will improve the security of the network while enabling a more efficient environment for Dapps.

According to the crypto trader and analyst, Credible Crypto, Bitcoin is a mirror image of ADA in USD since hitting the market lows in December. Currently, however, Cardano is a few paces ahead of the leading cryptocurrency but he says, if BTC “continues to follow ADA’s lead,” we might get to see $5k in play. Previously, he had expected Bitcoin to see $5k on this rally, but the market scenarios painted that to be a highly unlikely picture. But now, he is “much more convinced of this possibility.” “This could be a reversal or a hell of a bull trap. Regardless, upside potential here could be massive.”

Cardano is a multi-ledger system that will support multi-currencies

Ambcrypto: Charles Hoskinson, the creator of Cardano and CEO of IOHK, organized a surprise Ask Me Anything session on his YouTube channel on March 24, 2019. In this session, the CEO covered various topics such as the Roadmap update, the release of training materials, Cardano’s status as a multi-asset ledger, and EOS centralization. On being asked about the roadmap update, Charles Hoskinson assured that it would be announced during the IOHK summit being held between April 17-18, 2019 in Miami.

Hoskinson further spoke about whether ADA would be the only cryptocurrency for the entire Cardano ecosystem, or there would be more currencies introduced in the future. He stated that it would not be a “particular usual financial system,” if users cannot issue their own assets, adding that Cardano was a multi-ledger system that would support multi-currencies.

Great strategy for handling

Hoskinson went on to say, “And, we think we have a great strategy for handling that, I’ve partnered with somebody personally who’s in the ICO market to see what we can do about bringing STOs to our platform as well or at least ensuring inter-operability standards. So, we will be a multi-asset ledger.” Additionally, Hoskinson remarked that EOS “felt like centralization,” rather than a “perfectly legitimate product.” He added that he failed to see any differentiation between deploying something on EOS versus deploying something on Amazon. The Co-founder of Ethereum said,  “[…] expect for being much more expensive, unpredictable pricing and lower quality of service and also when things go wrong, and have no recovery mode outside of begging a committee of people to save you […] This is not innovation, this is just application old concepts and then bolting on poorly conceived governance system and cutting a lot of poor facilities.”

ADA will use a new consensus protocol known as Ouroboros BFT

According to Forbes Contributor Billy Bambrough, the latest cardano network version means ADA will use a new consensus protocol known as Ouroboros BFT, helping it to fend off potential 51% attacks that can cripple a cryptocurrency. “This update is technically a hard fork but will take place in a smooth and automatic way because this is a planned protocol upgrade whereby all parties of the current federated system have agreed to the change,” cardano developers wrote in a blog post last week. “The cardano 1.5 release also makes many other improvements. These include performance improvements when rendering lists with a large number of transactions and wallet addresses, the addition of features for detecting insufficient disk space, and a new screen that visualizes the block storage consolidation process.”

Meanwhile, cardano developments, including a new wallet making it easier to deposit and receive ADA tokens and view transaction history, and rumors the cryptocurrency development group Input Output Hong Kong (IOHK) and the Cardano Foundation could soon release a mass market payment network for ADA, have further pushed the price higher.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
Aamir Kapoor is a fintech writer specializing in cryptocurrency and blockchain. He has a background in finance and banking and was a researcher.