Cardano’s ADA Could be the Third Largest Cryptocurrency by the End of the Year

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Cardano’s ADA Could be the Third Largest Cryptocurrency by the End of the Year

Today we’re taking a look back at Cardano’s ADA which was able to erase some of the losses earlier this week on Wednesday. Other cryptocurrencies also started to show a bullish sentiment by the end of Wednesday’s trading session. Were you able to take advantage of the low prices?

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ADA’s Price Action

ADA/USD  price moved back up to the resistance level of $0.60, up around 7% from Tuesday lows. But it still has a long way to get back up to its all-time high level of $1.26.

Cardano - ADA/USD Price Action
Cardano – ADA/USD Price Action

Versus Bitcoin, Cardano remains above the daily cloud of  Ichimoku Kinko Hyo, and within 23% and 50% Fibonacci retracement levels.

ADABTC Daily Chart Technical Analysis
ADABTC Daily Chart Technical Analysis

The future cloud, as well as the other Ichimoku moving averages, appear to remain flat.

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Cardano’s Race to the Top

Last week, Cardano’s ADA token was listed on the futures exchange at BitMEX. This made BitMEX the fifth exchange to list the ADA token since Bittrex did so in October 2017, followed by Upbit, Binance and Coinnest.

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ADA calls itself the first third-generation cryptocurrency and aims to tackle scaling and infrastructure problems of bitcoin and Ethereum.

Specifically, Cardano aims to solve problems related to scalability, interoperability, and sustainability on cryptocurrency platforms.

Cardano is often referred to as the “Japanese Ethereum” and reports last year indicated that it was being made available in Japan through ATMs and debit cards.

However, Cardano’s ADA has the same flaw as other cryptocurrencies. It has little to show by way of implementation. Regardless, a price comparison website, has predicted that Cardano will be the third largest cryptocurrency by the end of the year.

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