Today, we discussed the possibility of ADA being in a breakout scenario. So far, it has held our support areas and could start a third of a third rally next.
Cardano ADA Price Today
Today, we discussed the possibility of ADA being in a breakout scenario. So far, it has held our support areas and could start a third of a third rally next. We have already left our trend reversal area of wave 4 into wave 5, but it is not entirely clear if we are already in wave 5 because we currently only have three waves to the upside. Both scenarios would be bullish for now, as long as we are holding Monday’s low. The target for the fifth wave would be 39 cents, but that may be a bit too short for a reliable fifth. Therefore, we are looking at 40.2 cents, 41.1 cents, or 42.3 cents as the levels to watch.
What Is Cardano (ADA)?
Cardano is a proof-of-stake blockchain platform with the stated aim of empowering “changemakers, innovators, and visionaries” to effect positive global change.
Check out our Cardano deep dive to learn more about this initiative.
The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals,” thereby contributing to the creation of a more secure, transparent, and fair society.
Cardano was established in 2017 and is named after Gerolamo Cardano, a 16th century Italian polymath. The native ADA token is named after Ada Lovelace, a 19th-century mathematician generally regarded as the world’s first computer programmer. The ADA token is intended to allow owners to engage in the network’s operation. As a result, holders of the cryptocurrency have the ability to vote on any suggested changes to the software.
According to the team behind the layered blockchain, there have already been some compelling use cases for its technology, which aims to enable modular development of decentralised apps and smart contracts.
Charles Hoskinson revealed the launch of the Alonzo hard fork in August 2021, causing the Cardano price to skyrocket, rising 116% the following month. The Cardano ‘Alonzo’ hard fork was formally launched on September 12, 2021, bringing smart contract functionality to the blockchain. Over 100 smart contracts were implemented in the 24 hours following the launch.
Cardano is used by agricultural companies to monitor fresh produce from field to fork, while other products built on the platform enable educational credentials to be securely kept and retailers to combat counterfeit goods.
Where Can You Buy Cardano (ADA)?
As one of the world’s largest cryptocurrencies in terms of market capitalization, you should have no trouble locating a major exchange to buy Cardano on, such as Binance, Bittrex, eToro, and HitBTC.
If you’re having trouble finding a trading pair that pairs ADA with your local currency, check out this guide on how to convert fiat into Bitcoin, which will give you access to purchasing altcoins.”
To verify the current Cardano price in your preferred fiat currency, use CoinMarketCap’s converter feature immediately on the Cardano currency page, or the dedicated exchange rate converter page. Cardano price combinations that are popular include: ADA/USD, ADA/JPY, ADA/KRW, ADA/CNY, ADA/GBP, and ADA/AUD.
