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BCH $643.09 (0.35%)
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Cardano (ADA) Review: A Potential Cryptocurrency in 2021

Cardano (ADA) Review A Potential Cryptocurrency in 2021
  • What is Cardano (ADA) and its use cases
  • Bullis price prediction for Cardano this 2021 is up to $0.3

The crypto industry has produced countless of cryptocurrency that have been proven effective and profitable in 2020. As a result, interested investors around the world increase rapidly. One of these is the Cardano cryptocurrency, a blockchain network designed for innovator, and changemakers.

Cardano has over $8 billion in terms of market capitalization with a daily trading volume of almost $3.5 billion. Consequently, the crypto ranks along with the top 10 cryptocurrencies in CoinGecko.

Want to know more about Cardano? Come and join me in understanding thoroughly, “what is Cardano?”

What is Cardano?

Cardano is a blockchain-based network that has its own mainnet. Hence, the crypto can do all the things it deems necessary for the network without restrictions. When it comes to the creation of the platform, Cardano is developed by the Input-Output Hong Kong company (IOHK). Charles Hoskinson, BitShares creator and Ethereum Co-Founder, leads the said company.

The Cardano network focuses on providing a platform for developers where they can create smart contracts and decentralized apps. Recently, Cardano upgraded to Goguen mainnet, a blockchain technology that enables token lock features in the network.

About its token technology, ADA is the native digital currency in the platform. It functions as a means to pay for premium services on the platform. Users in the network can transfer and trade their funds using different crypto exchanges such as Binance, Digifinex and Upbit to name a few. These coins can be safely stored in Daedalus, Cardano’s own crypto wallet.

Now that we already have an idea about what Cardano is, let’s get familiar with the network’s use cases.

Use Cases

Undoubtedly, Cardano is one of the most active cryptocurrencies in the crypto world. The platform creates many kinds of use cases that are used in our daily lives.

In this time of the pandemic,  it is very important to identify substandard medicines over the real ones. Cardano solves this problem with its Atala SCAN, a feature that authenticates the pharmaceutical products’ origin and supply.

Concerning education, Cardano has built the Atala PRISM. This solution secures the academic certification of the user in its tamper-proof ecosystem. It also enables the user to share its academic credentials easily. Therefore, users can send all their documents anywhere in a secure and verifiable manner.

On the other hand, the users of the network can benefit from the Atala PRISM streamline and accelerating services. This feature of the network eliminates the long process of opening various accounts. Cardano members can also reuse the verified credentials stored in the immutable system of Cardano.

Surely right now, you already know a lot of things about Cardano. Do you think Cardano is a profitable cryptocurrency this year? Together, lets us find out in this  CoinQuora Cardano (ADA) price prediction.

Is Cardano a profitable crypto this 2021

Indeed, Cardano has accomplished many achievements in the past year. For this reason, the crypto gains the trust and respect of many traders in the crypto world.

Would this be enough for the crypto to maintain its bullish position in the coming months? Let’s head to the chart and find out in this Cardano price prediction 2021.

ADA MACD and RSI
ADA MACD and RSI (Source: TradingView)

Based on the graph above, Cardano successfully defended its position against the wild swings of the crypto market. It also displays a strong price consolidation at $0.19 which triggers the bullish trend of the crypto.

Today, ADA trades a bullish price of  $0.296 with a growth rate of almost +700% in the 12 months. If this goes on, the bulls might be able to break the resistance level of $0.29. It could even go higher to over $0.32 if the market continues to side with the bulls.

However, traders must not overlook the relative strength index (RSI) of the crypto which is now at level 82. This means that Cardano could perform a price pull back anytime soon. In this case, traders must decide quickly whether they will hold or sell the crypto.

Meanwhile, the moving average convergence/divergence (MACD) of the crypto still resides on top of the signal indicator. In other words, traders can still look forward to more bullish days as long as the MACD moves above the signal indicator.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.