Bitcoin and Ethereum are the 2 largest and most well-known cryptocurrencies. But one competitor is now in third place, after a spectacular increase this year.
Cardano (and its native ADA token) witnessed a noteworthy performance. These are the returns for the year to date, which registered an increase of 1,027%. Although it entered a period of significant consolidation, it soon began a path of recovery at press time. It was currently trading at the $ 2.15 mark with a 1.2% increase in 24 hours.
Does a bullish narrative begin?
Well, the CEO of one of the world’s leading independent financial advisory firms is certainly bullish on ADA. Green Nigel of the deVere Group while speaking to Business Insider expressed an optimistic outlook for this alternative trend.
Green said it won’t be long before Cardano sets new highs thanks to the broader crypto rally. Mainly due to its recent technological update, along with its reputation as a “green” currency. Ergo, “… it could soon hit new highs and eventually hit $ 4 by the end of the year,” he added.
Surely, the token traveled a long way, from where it began its journey. “Cardano is on a clear upward trajectory and there is no reason to think this will stop anytime soon,” he told the interviewer. Furthermore, he said,
“People say that it came ‘out of nowhere’ and that it is ‘an overnight success’, but this is not true. It was created by Ethereum co-founder Charles Hoskinson and launched in 2017, and experts have been watching it seriously with growing interest for over 18 months. “
Nigel Green’s prediction last month that cardano would hit $ 3 turned out to be accurate. The green ADA would increase in early September. That is exactly what he did. The altcoin peaked at $ 3.10 on September 2. However, the price dropped a bit at the time of writing. Regardless of that, Green is convinced that Cardano will be able to bounce back, along with other major cryptocurrencies while benefiting from its green credibility. Ergo, it would hit $ 4 by the end of 2021.
Long-term Cardano fan, Green opined,
“I have been bullish on Cardano for a long time, among other cryptocurrencies. But now there is a real feeling that it is about to explode. “
It is interesting to note this, Cardano was additional to deVere Crypto according to the official blog. That joined other major digital currencies, including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP, and Dogecoin.
That said, the recent consolidation could put Cardano at 23% liquidation risk. Various indicators such as RSI, Awesome Oscillator among others have raised a red flag. That is, indicating a price drop.
“The ADA is expected to decline to the $ 1.70- $ 1.84 support zone”
This is a machine translation of our English version.