The probability of Cardano reaching $0.7 is high
After breaking through a major supply wall, Cardano seems to be moving in the direction of the bulls. Technical indications indicate that ADA may have the ability to increase in value as long as it trades over $0.50.
Cardano has broken over a crucial point of resistance, possibly indicating the start of a fresh rise. After going through a three-month consolidation period, ADA’s price has increased by around 23 percent during the last three days. Shortly after Cardano broke past the $0.45 barrier level, a sharp rise occurred. As the biggest supply hurdle appears to have been broken, additional buying pressure might send ADA to new highs.
On its 12-hour chart, Cardano appears to have exited the descending triangle. This technical formation predicts that after surpassing the $0.45 resistance level, ADA might increase by as much as 51 percent. If the formation is accurate, $0.70 is the upside target.
However, for Cardano to have a chance of printing further highs, it must maintain above the $0.50 support level. Failure to maintain above such a critical price level might be interpreted as a sign of weakness, which would prompt an increase in profit-taking. If this were to occur, ADA might fall to $0.45 or possibly $0.38.
Cardano vs ETH
Two smart contract platforms, Ethereum and Cardano, have developed in drastically different ways. Ethereum adopted a Silicon Valley startup strategy. Deliver an MVP (Minimum Viable Product), gain users as quickly as feasible, and iteratively develop the product over time. Cardano has adopted a methodical strategy of slow, methodical development and only releasing a product after it is flawless and highly functional.
Ethereum currently has a big advantage that might be impossible to overcome. Ethereum does, however, contain a weakness: the code could malfunction. Problems with staking or one of the other upcoming enhancements to Ethereum are possible. If a serious vulnerability exists, it might encourage developers of smart contracts to choose another platform, such as Cardano. It’s too early to say whether Ethereum or Cardano will eventually rule the smart contract market.
Right now, Ethereum reigns supreme, and Cardano, which is still developing, is unable to pose a real threat to Ethereum’s dominance. Cardano is a cryptocurrency that offers a better user experience for making purchases of products and services. It was created on top of the Ethereum platform. Additionally, it is the first to give users access to multi-signature transactions, enabling users to create agreements involving three parties for the sending and receiving of monies. The Ethereum network is built on Cardano, the first cryptocurrency to be created on a blockchain with legal tender.
