A Grayscale research report released this Monday could spur new bullish Cardano price predictions. According to the research report by the Grayscale hedge fund, Cardano is presently undervalued relative to Bitcoin and Ethereum. The largest digital asset hedge fund says that Cardano has shown improved fundamentals, and with the significant adoption in the last 12 months, it should be trading higher.
Cardano recently performed the Alonzo upgrade, which has bolstered its footprint in the decentralized applications marketplace. It settled more than $1.6 trillion on-chain transactions in the last 12 months, half that of Bitcoin and 2/5ths that of Ethereum. However, the market capitalization of Cardano is significantly
lower than that of Bitcoin and Ethereum, giving it its undervalued status relative to both tokens.
How is Cardano faring against Bitcoin? Presently, the ADABTC pair has breached the 4787 satoshis support and is trending towards the 4440 satoshis support level. If this price mark gives way, is it not possible to rule out a run towards the 4182 satoshis price mark.
On the other hand, the dip could present new buying opportunities. This could stem from a bounce on the 4440 satoshis support, targeting 4787 satoshis initially before the 5005 satoshis mark comes into the picture as additional resistance. The 19 August and 23 September highs at 5233 complete the near term targets to the north.
Follow Eno on Twitter.