What do the analysts say about the Cardano (ADA) price?

The price of Cardano (ADA) has risen 400% since the beginning of 2020, and Shelley's launch could accelerate that trend. Chart analysts have mixed views on the outlook for ADA, with some warning that a correction is coming. Caldano (ADA) has had a great year, and the price of its token, ADA, reflects that. It's up nearly 800% since falling in March. As a result, it has emerged as one of the top 10 biggest winners in terms of market capitalization and has overtaken Litecoin, Bitcoin SV, EOS and Binance for sixth place.

According to Messari CEO Ryan Selkis, Cardano’s rally could be prolonged in the short term. Driven by the launch of the Shelley mainnet and investors’ staking profits. Furthermore, the data from Intotheblock shows that there will be little resistance for ADA to reach $0.146068. In that range about 2,000 addresses bought 84.33 million ADA.

Intotheblock also pointed out that 75% of the addresses that hold ADA are currently profitable. In contrast, only 23%, about 5,000 addresses, show losses. In that sense, analyst Nik “Altcoin Trader” Patel expressed his optimism about ADA’s short-term price outlook and wrote in publication:

Turning to the daily, we can more clearly see the strength of the trend, with price now using that previous high at $0.11 as support for the next leg up. If we get a close above $0.14 on the daily, I’d expect the rally to continue on towards that $0.20 area.

Therefore, there is interest from buyers to bring the price close to that level which has not been reached since July 2018. The level of support that investors can expect is $0.126155 due to the 12 thousand addresses that hold 805 million ADA and bought them at this price.

Other analysts do not agree with the above outlook. According to “CryptoDude”, Cardano was rejected twice on the weekly chart in the range between $0.13 and $0.14. In addition, the analyst points out that the RSI for the last 7 days has reached an overbought level.

Author : Reynaldo