Cardano is cents away from breaking previous all time high – Sights on $2 Cardano this bull run

Cardano Bullrun

With the bullrun in full effect, Cardano has slowly edged itself into the spotlight for the entire crypto market. Lets break down some of the recent developments of this project, see if Cardano is overpriced, and guess where Cardano might end up on the tip of this bull market.

Nothing should be considered investment or financial advice. Enjoy the ride.

Cardano Developments

If you are unfamiliar with the project of Cardano, then you are probably new to the space so welcome!

For those crypto veterans, you already know the potential of Cardano. Here are some things that have changed with the project since the last bull market:

  1. Cardano launched its Shelley mainnet allowing staking
  2. They just released Daedalus version 3.3.0. This version introduces native token support for the upcoming Mary protocol update
  3. Just around the corner from the Mary hard fork that will define their own custom tokens
  4. Staking is available on the project and offers currently 7.69%-17.49% return annually even on Binance – WOW
  5. Charles is no longer surfing around the world making friends. He is doing daily videos and AMAs for better exposure and constant updates
  6. Cardano’s volume is leagues higher than it was 2-3 years ago. From around half a billion per day last bull run to breaking over 9 billion today in daily transaction volume
  7. Multiple partnerships have been secured around the globe

And there is much much more to come in time. This project has a stacked roadmap and has already “hinted” at more partnerships with companies around the world, and a partnership with a certain country in Africa. More to come from Charles on this at the end of the month (February 2021).

Is Cardano Overpriced

This might be the huge question flying over everyone’s head right now. What about EOS? What about TRON? What about all of those other extremely hyped and shilled projects that owned the scene in 2019 and 2020?

Well, Cardano is the only one that is consistently delivering and NOT shilling their project at the expense of the other guy. That means they have built something important over the past 2 years. They have regained trust with the crypto community.

Charles has bridged on the side of trying to be transparent, encouraging, and endearing to a lot of the other projects on the space. Even to congratulating other projects on their much deserved success. In a recent AMA (skip to 8:59), Charles even congratulated CZ and the Binance team on the success and price surge of the Binance Coin when it out paced Cardano in market cap.

This shows his humility. It shows a sense of collaboration and understanding that, many will succeed. There will not be just one supreme project. There will not be just one chain, but many. Charles knows this and to step on the other to try and lift yours higher, will only mean that it will fall further in the future.

Therefore, no Cardano is not overpriced. In fact, it is underpriced still for the tech and accessibility it will bring to millions of people around the globe. Not to mention the ADA tokens inherent value for staking, growth, and utility down the pipeline.

Will Cardano Break Its All Time High

Clearly, I see Cardano bursting through their previous all time high price of around $1.24. I think over the next few weeks the price will surge past this and land around the $1.40-$1.60 range. There we will start to see a strong consolidation. In the high end, there is a slight chance that Cardano breaks through the sell order listings and runs straight to $2. Similar to how Bitcoin first broke $20k. Cardano could do the same at the tip of this bull market, but it would come at a cost and stronger retracement.

The following weeks will be important for the entire crypto market. At this point, I think Cardano continues with the market trend. There is an abundance of money currently flowing into the ecosystem. Another funding round similar to Tesla for Bitcoin, and we might see a continuation of surging across the market.

If this money does not flow in, I could strongly argue a pull back for the entire market is due.

Cardano, given it reaches the projected $1.40-$1.60 range, will be at the mercy of the market. While the project is strong and the hands behind the bags are steady, the amount of money currently entering and leaving the market is like a tsunami sucking water on and off the beach. It is going to hit sooner than later, and it will hit hard.

Hopefully, after the wave comes and the tide clears, Cardano will maintain a price level of above $1. This would be huge for the project and huge for the stability of the ecosystem.

Thanks for reading

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