Cardano (ADA) Price Prediction and Analysis in March 2021
Following the recent bullish trend in the cryptocurrency arena, we’ve been persuaded to make a Cardano price prediction for March. The prediction is based on historical price analysis, market capitalization, technical analysis, and recent developments.
Cardano (ADA) has been an outlier in the past few weeks, recording impressive gains and boosting its market capitalization to above the $40 billion mark. Actually, the altcoin has jumped by more than 400 % this year alone. Relative to its lowest price of $0.01913 on March 13, 2020, the coin has recorded a more than 6,700% gain in price, having hit an ATH of $1.4800 on February 27, 2021. ADA had a circulating supply of $31,948,309,441 and a trading volume of $8,423,525,286, at the time of writing.
Cardano Price Prediction: Analysis
At the commencement of the year 2021, Cardano was trading at $0.18. Later on, the price began surging throughout the better part of the month.
In February, ADA was very bullish, overtaking coins, such as Tether (USDT) and Binance Coin (BNB), to claim the third position in market capitalization. At the start of March, the altcoin fell behind BTC and ETH at around $160bn and $858 billion, respectively. Since trading at a high of $1.48 on February 27, ADA has been trading sideways. Price action has largely been oscillating in a horizontal range, with neither bulls nor bears taking charge.
The year 2021 had to be a good year for Cardano because the network had to deal with a major upgrade. Expectedly, at the beginning of March, the network received a “Mary” upgrade. Subsequently, Cardano, just like Ethereum, will allow for smart contracts.
The introduction of smart contracts on the Cardano network will allow for the integration of decentralized applications. Incidentally, the network upgrade comes when DeFi gains a lot of traction and enjoys phenomenal growth.
The Mary hard fork will open opportunities for businesses and developers seeking to migrate or to build on the Cardano blockchain. It will also help those who want to migrate to the network. Moreover, it will allow for the creation of tokens on the blockchain, paving the way for a decentralized crypto economy.
The fact that Cardano supports the creation of non-fungible tokens will inevitably make it a favorite crypto. Importantly, the development comes when the phenomenon of non-fungible tokens is increasingly gaining popularity.
In summary, the ADA will remain bullish, as other coins struggle because it is normal for cryptocurrencies to rally ahead and shortly after a major upgrade.
Cardano Price Prediction: Market Opinions
Walletinvestor.com, an online forecasting service, believes that ADA is very good as a long-term investment. The platform provides a 14-day analysis in which it predicts that by the mid-month, ADA will be trading on the $1.533 range.
Here is the forecast for part of the month of March:
|Date||Price||Min Price||Max Price|
Coinswitch, a global cryptocurrency exchange aggregator, believes that ADA may scale the ranking order to claim a spot among the top 10 cryptocurrencies in the world.
According to their prediction, the cryptocurrency will touch the $2 mark in 2023 and then scale to $3 by 2025. In addition, Coinswitch is optimistic that the altcoin can touch the $10 mark if everything happens as per the roadmap.
Digitalcoinprice’s Cardano price prediction is that the altcoin will close 2021 at $1.69, the year 2022 at $2.09, the year 2023 at $2.34, the year 2024 at $2.85, and year 2025 at $3.37. In their forecast to the year 2028, the altcoin will reach $5.06. In March, Digitalcoinprice believes that the coin will settle at $1.52.
According to tradingbeasts.com, the price of Cardano is expected to reach, at the commencement of April, a maximum price of $1.75761 and a minimum of $1.19518. At the end of the month, the price will settle at $1.40609. The average price by December will be $1.48845. By the end of 2022, the price will be $1.26118, which will scale to $1.53135 by the end of 2023, and 1.79610 by the end of 2024.
In light of the technical analysis and developments within the DeFi space, Cardano will be bullish for the better part of 2021. Our Cardano price prediction is that the altcoin will experience incremental growth throughout the years because it is a third-generation blockchain technology that solves the issue of scalability and interoperability.
Above all, Cardano’s smart contracts will make it a good substitute for Ethereum, making it an alternative for the second-largest cryptocurrency. With the prevailing fundamentals and market sentiment, we expect Cardano to be the most sought-after coin in 2021 and beyond. What’s more, it is relatively cheap compared to BTC, luring many people to buy it.
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