The Cardano price soared above $1 for the first time on record during the weekend. However, the ADA price has dropped for the past two consecutive days and is now trading at $1.0625. Cardano’s market cap has jumped to more than $32 billion, making it the 6th largest cryptocurrency in the world.
Cardano fundamental analysis
Cardano price has been on a strong uptrend in the past few weeks in part because of the evolution of the ecosystem. Notably, participants believe that the current Mary hard fork will lead to more adoption. The fork will lead to greater user adoption, especially in the creation of native tokens.
For example, countries with high inflationary currencies could create their native tokens to facilitate payments of goods and services. The fork will also lead to an orderly transition of Cardano from a single asset ledger into a multi-asset ledger. In other words, the fork will lead to more independent coins other than Ada.
Cardano price prediction
In my last Cardano price prediction, I noted that the currency would rise to $1 if bulls managed to move above the $0.98 resistance level. Since then, the currency has surged to more than $1. It remains above all moving averages while oscillators have continued to rise. The price has also recently moved above the bullish pennant pattern that is shown in red.
Therefore, in my view, any dip is a good buying opportunity. I suspect that bulls will now shifting their focus to the $1.300 resistance level. This prediction will be validated if the price manages to move above the ATH at 1.2015. However, a drop below $0.6780 will invalidate this trend.
ADA price chart