Cardano (ADA) Spikes 83% as Bitcoin Tops $39.6k, is ETH/USD Cheap?
Bitcoin price, BTC/USD, Cardano Price, ETH prices, Ethereum
- Cardano price rallies 83%
- Bitcoin price tops $40k
- Ethereum firm above $1k, set for $10k?
Trending News: Bitcoin aims for $40k, Ethereum is undervalued while Cardano (ADA) adds 83%
Few metrics are at a new all-time high as of today’s writing.
The Bitcoin price, needless to say, is one of them. BTC/USD prices rallied to over $39k, breaking two levels adding to last week’s $8k bull bar. If anything, the coin—and the network, is on the verge of evolving from being a peer-to-peer cash system to a parabolic cash system.
A few weeks after breaking $20k, the coin’s price may not only double but even rise to $41k. The $20k level was a psychological mark, identified by technical analysts for being a climactic high of the ICO-induced pump of 2017.
Even at $10k, Ethereum will be undervalued
Like Bitcoin, Ethereum follows closely behind.
By maintaining its positive correlation with the digital gold, the world’s computer is also less than $200 away from reaching its all-time highs of around $1.4k. Behind Ethereum’s rally is the widespread belief by the investment community that ETH is under-valued.
At spot rates, the coin could, after all, be undervalued with room for more upsides. With the ETH/USD price above $1k, some analysts, including Anthony Sassano, are adamant that prices can double to $2k.
However, to Sassano, $2k is still low. He predicts ETH prices to reach $10k. Even at this point, he explains,prices would be low because of what lies ahead in code development.
The Cardano (ADA) Roar
Mirroring Ethereum’s success is the exponential jump of Cardano. ADA prices have nearly doubled after breaking above $0.16 in November.
Taking charge of Cardano’s development is Charles Hoskinson, who is confident of his project’s prospects.
From a decentralization and efficiency point of view, Cardano will be superior to Bitcoin and Ethereum. Interestingly, Cardano is still under development with plans to activate Goguen underway. Several Hard Fork Combinators are now active in preparation.
For this, the IOHK—the development wing of Cardano led by Charles, re-launched Project Catalyst with a better purse of $500k to fund dApps planning to launch in Cardano.
Other noteworthy performers include Maker (MKR) and Nano, whose prices are, on average, upwards of 80 percent in the last week of trading.
Cardano Price Prediction
Of the top-10 projects, the ADA/USD fundamentals are firmer, at least in the medium term.
Factoring in Goguen, the path of least resistance for ADA is northwards. According to trackers, the ADA/USD price is up 83 percent in the last week of trading, adding seven percent on the last day.
Trading volumes are since contracted.
However, the coin is trading within a bullish breakout pattern versus the greenback. Following the surge past July 2020’s high of $0.16, the retest from the 50 percent retracement level of the two-year consolidation from 2018 fed bulls.
With an uptick in trading volumes in the past few weeks, the next target is the 2.68 percent Fibonacci extension level anchoring on the 2-year range at $0.40 and later, $0.54, the 3.68 level.
As long as prices range inside this week’s bull bar—even in subsequent sessions, every low above $0.20 can be a loading point for $0.36 (this week’s highs), $0.40, and $0.54, respectively, as aforementioned.
Chart Courtesy of Trading View
Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.
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