ADA Is Up 206% in 2020, Is it Late to Buy Cardano?

Cardano has become one of the most sorted coins in recent weeks. This as the coin has continued to post local highs in a stalled market. With top coins such as Bitcoin, XRP, and Ethereum continuing to underperform, investors have shifted their attention to coins such as Cardano.

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It has in particular been a favorite because it is undergoing major project developments. Some of which were awaited for years.

Just in the past weeks, Cardano has launched its Shelley Mainnet. And with this launch, Cardano has this week been a top performer. Its price movement has seen it overtake several coins in market ranking per market cap. It has also marked a more than 200% price surge in the year. This has also seen it set a new 18 month high which is hugely significant.

At the time of this announcement, Cardano was able to break out of its range. This was under $0.090 but with strong support at $0.070 which was a perfect accumulation range. For the early entries, this was a discount price that allowed for the maximum profit.

24 Hour CC Chart for ADA-USD on 4 July 2020.png

As of the end of this week, Cardano was topping $0.1, this boosted by Coinbase introducing ADA staking. While this first boost adoption of the token, some have seen it as a promise for listing. Investors believe that since Coinbase allowed staking, it could list ADA before the end of the year.

Is It Too Late To Buy Cardano?

Cardano is now the sixth-ranked token. Although prices have dipped under $0.1, it is in no way done. For years Weiss Crypto Ratings has praised Cardano’s technological capabilities. But this was not to be seen until the Shelley Mainnet was launched.

Now, Cardano is nearly fully decentralized and the third generation blockchain is set to take the financial world by storm.

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The bulls are set to continue pushing higher with the current $0.1 top being set as higher support.

This week, Cardano has overtaken Binance Coin and EOS, Litecoin is now in sight. If the upward trajectory extends, ADA is set for a top 5 position.

Read: China Releases Year-End Crypto Rankings, EOS, Ethereum, And Tron Score Podium Finishes

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Author: Christine Ann

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