- Cardano price at a 2-year resistance versus Bitcoin
- Motley Fool invests in Bitcoin
- Binance Smart chain (BSC) Stepping Up
Trending News: Bitcoin Soar to $52.5k, Ethereum Gas Problem Persist, will Cardano (ADA) Prices Double?
Top on new and experienced trader’s news feed is Bitcoin.
Not surprisingly, the coin has defied expectations, deservingly cementing its position as the market leader, dominant and determining crypto proceedings.
BTC/USD prices, after a period of stagnation, broke above $50k, registering a new all-time high.
Motley Fools Buys $5 Million of Bitcoin
Joining Tesla and other heavy hitters, Motley Fool is now investing $5 million in Bitcoin. They mention the coin’s store of value, medium of exchange, and hedging properties against inflation.
Addressing Ethereum’s Pressing Gas Problems
Taking after Bitcoin, the Ethereum price also rose to a new all-time high above $1.9k. The network, nonetheless, has Gas problems. The team is working towards addressing this concern.
First, the option is through EIP-1559 which is not surprising, garnering grassroots support.
Second, there is Layer-2, where optimistic rollups lead.
These DeFi protocols will integrate this solution for cheap trading, staking, and borrowing/lending leading to improved user experience.
The Surge of Cardano and Binance Smart Chain (BSC)
Countering Ethereum is Cardano and Binance Smart Chain (BSC). The Binance-fronted smart contracting platform recently surpassed Ethereum, processing more transactions than the pioneer.
However, it is the development around Cardano that’s attracting attention. In the next few days, Cardano will activate Native Assets through a new multi-asset standard in the peer-reviewed smart contracting platform. Starting this is Mary, the second of the three Hard Fork Combinators (HFCs) culminating in Goguen.
Goguen is another transition step after Shelley—a phase that made staking possible. Presently, the Mary HFC will enable the minting of native tokens without smart contracts, a deviation from Ethereum’s modus operandi.
Cardano Price Prediction
For what lies ahead and the community’s expectations, the coin is posting gains against both BTC and USD.
On the last day, the ADA price is up a ballpark four percent against both BTC and USD. Despite the relative calmness, the coin is trading within a bullish breakout pattern.
From the weekly chart, there is an uptick in trading volumes. According to coin trackers, the average trading volume is up 19 percent.
However, ADA bulls are yet to break above Mar 2019 high even with the relatively high trading volumes.
At spot rates of around 1770 Sats, a comprehensive close above this resistance level breaking above the consolidation 2019 to early 2021 consolidation at approximately 1,900 Sats must be with high participation. Ideally, the bull bar ought to exceed trading volumes of the week ending Feb 7.
This breakout will see the ADA/BTC price more than double to the upper range of 4140 Sats. This level flashes with April 2018 highs and coinciding with the 2.618 Fibonacci extension level of the 2019-2021 ADA price accumulation.
In the immediate term, buyers can aim at 3k Sats, the 1.618 Fibonacci extension level of 2019 to early 2021 trade range.
Chart courtesy of Trading View
Disclaimer: 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.