Many people are wondering if this is a good time to invest in cryptocurrencies like Cardano. In the following post I would like to present you my personal price forecast of Cardano (ADA). I personally have been investing in cryptocurrencies since 2017 and follow their performance on a daily basis.
Currently, Bitcoin has gone from $40,000 to $60,000 in about 2 weeks. This price increase was also visible in the Bitcoin Dominance Graph. Altcoins in general have not risen much in price due to the rapid rise of Bitcoin.
Why is this so?
Many cryptocurrencies are dependent on Bitcoin and the price of Ethereum. Therefore, it is important to always do a chart analysis of Bitcoin and Ethereum before investing in altcoins like Cardano (ADA). When the price of Bitcoin increases rapidly, many Altcoins are sold, because logically you can make more profit with Bitcoin than in Altcoins. This can also be seen in the Bitcoin Dominance Chart.
Is it good to invest in Cardano (ADA) at the moment?
From my point of view, right now is a very good time to sell Cardano. Attached I show you my chart analysis:
As you can see, Cardano (ADA) is currently at a price of $2,193. Also, you can see that Cardano (ADA) has been in a downtrend for several days, this is due to Bitcoin Dominance (the strength of Bitcoin).
On the RSI, Cardano is currently in the middle range, neither oversold nor undersold. However, what is very interesting is the fixed range and the point of control of Cardano. The fixed range indicates that there is a lot of buying volume for Cardano among us. $2.10 is therefore a very strong support level. It is important for Cardano that we break out of the Daily Resistance at $2,327. If this is the case, I think Cardano can reach a new All Time High in the Altcoin Season.
I think Cardano is a solid investment right now, especially because the Altcoin Season has not started yet. Also, you can see that currently Cardano is trying to break out of the triangle to the upside, which would give a price target of $3.2 (+48.58%).
If you are interested in learning more about my personal altcoin investments, please join my Discord. The link is also on the home page of this website.