Update (Oct 4, 2018): The price of Cardano (ADA) is holding steady, thanks to a boost to Bitcoin (BTC) via an engulfing candle. However, ADA looks ready to topple over on the daily chart. Thus, the price of BTC must be watched closely, as ADA will undoubtedly do whatever the market leader does.
What is Cardano (ADA)?
Cardano is a fully open-source cryptocurrency project and decentralized public blockchain with a heavy focus on peer review and academic research. Developers are currently creating what purports to be the most advanced and powerful smart contract platform protocol ever created, thanks to a foundation rooted in scientific philosophy and an approach that places research and product before hype and marketing.
Cardano’s cryptocurrency is a coin called ADA.
ADA is available to buy, sell, or trade on a variety of popular cryptocurrency exchanges and is firmly established as a major long-term player in the cryptocurrency market. It is currently the ninth-ranked cryptocurrency with a market cap of $2,088,300,190.
ADA plans on becoming a major cryptocurrency used for transactions, and plans are currently in motion to create a network of ATM machines for ADA in Japan.
The price today of Cardano is $0.081339.
Cardano (ADA) has one of the strongest fundamental backings in the entire altcoin marketplace.
Cardano’s native wallet is called Daedalus and is a user-friendly, safe, multi-platform, and hierarchical deterministic wallet for ADA. It is easy to install and easy to use, taking the complication our of setting up an ADA wallet for users inexperienced at ‘being their own bank.’
Cardano is supported by three separate and noteworthy organizations, all of which are developing the project.
The most recognizable is the one which carries the cryptocurrency’s namesake, The Cardano Foundation. The Cardano Foundation is independent and based out of Switzerland. Cryptocurrency research and development company IOHK is also developing the project — at least until 2020 — while Emurgo assists commercial ventures when it comes to making use of the Cardano blockchain.
Thanks to its focus on peer-review and academic-level research, Cardano is backed by a library of audits, reports, and academic papers. Unlike many other altcoins, the words printed on the papers describing Cardano are far more than a collection of buzzwords next to pictures of robots and astronauts.
IOHK also provides weekly technical reports on Cardano’s development, ensuring that work behind the scenes is indeed continually going on.
There are also Haskell library reports, Cardano audit reports, and ADA distribution audits ready for your perusal and are publicly available.
Cardano (ADA) boasts a chart that looks like virtually every other major altcoin in the cryptocurrency market. In 2018 ADA hasn’t performed particularly well.
The coin pumped from being worth approximately two cents to a high of approximately $1.15 — an increase of 475 percent.
Since topping out, ADA has fallen in line with the rest of the heavily-deflated cryptocurrency market throughout 2018. One ADA is currently trading around eight cents.
Zooming in to the three-month chart, it is clear that Cardano (ADA) is currently in the throes of a bear market — with sellers firmly in control.
There exists a series of lower highs and lower lows throughout the last three months.
Recent weeks have seen Cardano rally along with many other altcoins, but the ninth-ranked cryptocurrency looks ready to topple over — particularly if the market leader, Bitcoin, proceeds downward. Should Bitcoin break key resistance below $6,000 in October, expect ADA to accelerate its losses versus both BTC and USD.
Cardano’s one-month chart verifies the assumptions made when examining the three-month chart and making a price forecast.
After reaching a new yearly low in September, ADA managed to sustain a rally that looks anything but promising. Buying pressure currently isn’t present in Cardano market, and it appears unlikely that the bulls will be able to prop Cardano up much longer.
Again, should Bitcoin start to head downwards and prolong 2018’s bear market, October doesn’t look good for Cardano.
On the flip side, if the bulls manage to push Bitcoin up through its long-term downtrend, Cardano is almost certainly one of the major players most likely to experience significant gains as panic buyers look for cheap altcoins to gobble up.
Weekly volume for Cardano (ADA) against Bitcoin (BTC) going into October 2018 is looking positive.
Two weeks ago, ADA sustained its most trading volume on Binance ever, but volume cooled off and corrected last week. It is possible to interpret this as a bullish sign that investors will only let Cardano (ADA) go so low — likely with future expectations that the coin will one day pump again.
Some predictions made from AI and machine learning are not particularly bullish when it comes to Cardano (ADA). WalletInvestor, for example, currently believes that ADA will continue to trend downwards until it is worth 0.000001 USD in the span of one year.
In our view, this kind of AI-based prediction is highly unlikely, given the fact that the coin has such strong fundamentals behind it when compared to the rest of the crypto market.
For October 2018, it is unlikely Cardano’s daily price forecast will see significant gains or significant losses in either direction — though one must always watch the market leader, Bitcoin, when making estimations where an altcoin will go. Should BTC pump upwards in October, Cardano will likely follow. Conversely, Cardano will almost certainly fall if BTC falls.
It is highly unlikely that Cardano will significantly outperform Bitcoin (BTC), as it is too early to assume “altcoin season” is drawing near. In the unlikely event that altcoin season does arrive in force, however, expect Cardano to ride the bullish hype in a big way.
In our most optimistic scenario for October 2018, we believe that Cardano (ADA) could see prices near $0.30.
In our most bearish scenario for October 2018, we believe that Cardano (ADA) could see prices near $0.04.
Our conservative prediction places Cardano (ADA) at $0.12 at some point in October 2018.
It is advised that anyone looking to invest in Cardano closely watch the market leader, Bitcoin (BTC), and await confirmation of a bearish continuation or a bullish reversal.
What do you think of our Cardano (ADA) price prediction for the month of October 2018? Let us know your thoughts on the ninth-ranked cryptocurrency in the comments below, and stay tuned for more price predictions 2018.
Images courtesy of Shutterstock, CoinMarketCap, TradingView.
[Disclaimer: The contents of this article are not intended as financial advice, and should not be taken as such. Neither BeInCrypto nor the author are responsible for any investment decisions made by any readers.]