Cardano price is going from strength to strength as it reclaims $1.80 with the next stop looking like the psychologically all-important $2.0 mark.
Cardano has suffered the least of the major altcoins in the wake of the May correction pain. The price nudged $1.88 today but has since given up some of those gains as the US session kicked into gear – maybe some crypto buyers prefer the excitement in meme stocks at this point?
Although a way off the $2.47 all-time high it recorded on 16 May, Cardano is looking in very good shape. But as far as that high goes, we should recall that it was somewhat fleeting – it was printed the day before the crash began, and so there was little time to establish selling interest at those levels, and that could translate into weaker resistance ahead.
Cardano price: Weak resistance ahead
The lack of resistance between the current price and the next challenges at $2.0 and $2.3 should encourage bulls to look for even more upside, so reclaiming the all-time high in short order may not be such a stretch.
Cardano (ADA) breakthrough on interoperability
And standing behind the attractive technicals is the continued progress on the network fundamentals side.
Yesterday Cardano announced its first interoperability success, in a tie-up with the Nervos (CKB) blockchain. Describing it as a “bluetooth moment”, the two public blockchains plan to switch on the bridge in a few weeks.
Cardano’s route to fulfilling its vision of a scalable, secure proof of stake decentralised application platform has been somewhat tortuous for its followers over the past three years and more. But the milestones continue to be achieved as full smart contract functionality inches closer and adoption wins in Africa at the governmental level – with Ethiopia’s eduction system one of the most important adoptees.
Describing Cardano as an ‘Ethereum killer’ is probably not very useful because it suggests that the blockchain world is a zero sum game in which one chain’s win is another’s loss. There will likely be plenty of room for many chains – the key will be interoperability between them.
ADA pluses – peer reviewed and the Hoskinson effect
Also, as the only academically peer-reviewed crypto project, investors can be surer than with any other project that the code ‘just works’.
The man behind Cardano is co-inventor of Ethereum Charles Hoskinson. His evangelism for the project is one of Cardano’s strengths, as those who watch his regular appearances on various YouTube channels and other media outlets can attest.
And with a ranking of number 5 on coinmarketcap, it now has the brand identity as well as the funds to lock in the development resource and the investors to be up and running next year.
The fact that it is priced at $1-plus in addition makes it an attractive lowly starting price that appeals to trader psychology – people prefer to be able to buy a whole unit of a lower price than a fraction of a unit at a higher price.
We rate Cardano’s ADA token a strong buy.
Where to buy Cardano (ADA)
Buy ADA on eToro
You can buy Cardano’s ADA native token on investment platform eToro. eToro currently lists 23 crypto assets that can all be traded in fiat pairs and as crosses with other crypto. There are no trading fees to pay. Instead, investors pay the spread between the buy and sell (bid and ask) price.
eToro has grown in popularity with traders around the world because of its ease of use and unique features such as its Copy Trading functionality, where platform users can elect to copy the trades of successful fellow traders. In addition to crypto, eToro offers markets in stocks, commodities, forex and ETFs, so you could buy stocks with exposure to crypto such as Coinbase
Huobi Global has a broad range of crypto asset listing, at the last count listing 310 coins, including all five coins selected here. It also lists 27 fiat Trading fees on the exchange 0.2%
Huobi is popular with Chinese investors who use it as their preferred offshore destination for trading crypto. Unlike eToro, deposits are limited to cryptocurrency only.
Onboarding at Huobi is straightforward with no anti-money laundering or know your customer process required before trading, although this may put off some users as it is an indication the exchange is lightly regulated.
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