- Summary:
- In this article, we explain what we should expect next for Cardano price as it enters a phase of consolidation. The currency may soon breakout
Cardano price has been boring lately. ADA is trading at $1.3455, which is in the same range where it has been in the past few days as Ethereum dominance continues. Its market cap is at $42.8 billion, according to data compiled by CoinMarketCap. It is the 7th-biggest cryptocurrency in the world.
What happened: The biggest news in the Cardano network was a major event on Africa that happened in the past few days. During the event, Input Output, the company that developed Cardano made a deal with the Ethiopian government to decentralize the education sector.
The Ministry of Education will leverage Cardano’s technology to build a digital identify for 5 million students. This is part of Charles Hoskinson’s ambition to decentralize Africa, a continent that has been affected deeply by the coronavirus pandemic. So, what next for Ada’s price?
Cardano price forecast
The four-hour chart shows that the Cardano price has been in a consolidation mode in the past few weeks. This is evidenced by the fact that the currency is trading at the same level as the 25-day and 15-day exponential moving averages (EMA). Most importantly, the pair is forming a bullish pennant pattern that is shown in orange and is slightly above the 38.2% Fibonacci retracement level.
Therefore, in my view, we could see a major bullish breakout in the near term as bulls target the next key resistance at $1.500. Still, a move below $1.2940 will invalidate this trend. This prediction is in line with what I predicted last Thursday.
ADA price chart
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