Cardano (ADA) Trades Sideways Amid Lack of Fundamental Drivers
Cardano (ADA) appears to be undergoing somewhat of a price consolidation under a key resistance area, but will buyers be able to push higher in the near-term? At the time of writing, ADA/USD is trading around 1.39.
Most of the sideways trading evident in ADA’s price chart appears to be powered by the lack of fundamental drivers powering the movement in either direction. While there appears to be considerable buying interest still existing in this digital currency, especially supported by its potential for greater application, in the immediate future, there lacks any development that can power higher buying pressure in Cardano.
The potential Ethereum killer has managed to break past resistance at $1.33 earlier today after trying hard at this level since the previous session. However, since then, it has been trading mostly steady and it is highly likely that some exhaustion sets in. In case this impacts investor confidence and interest, it could send ADA’s price possibly down to $1.26, and possibly even all the way down to $1.14.
A decline in prices could then encourage more buyers to step into the market and drive up interest, which could then help strengthen the uptrend to take it all the way beyond $1.40. If this happens soon, can we see Cardano’s price rising to the $1.48 level and going beyond?
Insight Into Fundamentals
In the medium term and long term, fundamentals look poised to support Cardano’s rise. In a recent interview, the CEO of IOHK – the firm behind the blockchain network, Charles Hoskinson, expressed optimism that the network will achieve significant milestones through 2021, with the rollout of smart contracts functionality, metadata standard, token issuance and achieving full decentralization.
These developments will help drive increased commercialization of the Cardano blockchain network, and raise its adoption, which in turn could help drive ADA’s value higher in the coming months.
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