- Summary:
- In this Cardano price forecast, we explain why the price of ADA is set to rally in April this year because of the bullish flag pattern
The Cardano price is going nowhere. ADA is trading at $1.203, where it has been in the past few sessions, even as the price of other digital currencies has surged. For example, the Bitcoin price has surged to more than $58,000 while Ethereum is close to $1,850. Cardano’s market cap has risen to $38 billion, making it the 5th digital currency in the world.
Cardano news: The ADA price has remained relatively muted even after some relatively positive news. In a statement yesterday, Graph Blockchain, a Canadian company, said that it was growing its portfolio by acquiring ADA. It spent about $300,000 to fund the acquisition. In a statement, the firm said:
“Graph believes that in 2021, there is the potential for smart contract platforms to implement solutions to facilitate mass adoption on decentralized blockchains. Cardano is widely believed to be just the project to accomplish this.”
Another important Cardano news is that its upcoming Alonzo upgrade will help developers to build decentralized applications using the smart contracts technology. This will make the currency a viable alternative to Polkadot and Ethereum.
Cardano price forecast
Turning to the daily chart, we see that the Cardano price has been in a strong upward trend from last year. Indeed, it has risen by more than 1,500% from October last year. This action has propelled the currency into the top 5 biggest projects in the world.
Recently, however, Cardano has been moving sideways, in part, because of the rising US bond yields. On the daily chart, it is along the 25-day and 15-day moving averages while its volatility, as measured by the ATR has declined.
A closer look also shows that the ADA price has formed a bullish flag pattern that is shown in black. Therefore, in my view, in April, the Cardano’s price will likely bounce back higher as bulls target the next key resistance at $2.
ADA price chart
