Today, we will be looking at some of the past price movements of ADA and several market opinions in order to come up with a Cardano price prediction for March.
Cardano is an advanced blockchain platform that was designed to run financial apps for both institutions and individuals. The ADA cryptocurrency is the native coin of the platform, which facilitates the direct transfers of funds.
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The Cardano blockchain has a unique structure that consists of different layers that have been implemented to offer flexibility for future upgrades of a soft fork.
the coin currently ranks 14th, with a market cap of $854,719,514, and a 24-hour volume of $137,958,707. It is priced at $0.032966, and there are currently 25.927.070.538 ADA in circulation out of a total supply of 31.112.483.745 ADA.
Cardano Price Prediction: Analysis
ADA started March at a price of $0,047506, and until March 7th, the coin gradually increased in price, reaching $0.049 levels and testing the $0.05 resistance level. But the pullback started the next day, with ADA closing the day at $0,043291. In the next two days, the coin struggled to keep itself at $0.042 and $0.041 levels.
In the next 9 days, ADA has been showing signs of a downward trajectory, losing around 60% of its value from the $0.0444 trading price, with its movement eventually becoming flat.
Cardano went below the $0.030 major support level on March 12th, closing the day at $0,023961. In the next few days, the coin saw an irregular price fluctuation, with attempts to get back to the $0.03 level.
ADA tried to stabilize itself to $0.027 and $0.028 levels, but on Monday 16th, the coin dropped to $0,024121. March 17th and March 18th were relatively uneventful, as the coin mainly fluctuated between $0.024 and $0.025.
Cardano went below the $0.25015 level on Wednesday, with a loss of 2.67% on the day. This marked the biggest 1-day percentage loss, which last occurred on March 18, 2020.
Today, March 20th, ADA is trading at a price of $0.032993, with an increase of 21.34% in the last 24-hour period. The coin is currently above the first major resistance levels, and if it manages to close the day successfully, then it might see some increase in the short term. Considering that the market is going through a bearish period because of the current pandemic, it might take a few months for the crypto market prices to fully recover and start a notable bullish rally.
The calculated resistance, pivot, and support levels of WalletInvestor are:
- Resistance Level (R3): 0.0273
- Resistance Level (R2): 0.0267
- Resistance Level (R1): 0.0260
- Pivot Point: 0.0253
- Support Level (S1): 0.0246
- Support Level (S2): 0.0239
- Support Level (S3): 0.0233
The Cardano team has been working on implementing commercial infrastructure, revealing to the public that everything is going according to plan. Charles Hoskinson has stated that the new updates will be implemented in the upcoming months.
Hoskinson also mentioned that the Jormungandr node software will see an update soon. The development team has reportedly been working intensely for its next network update – Shelley, with the number of bugs on the Shelley testnet having been significantly reduced in the last few weeks, and the software has been made more stable.
Cardano Price Prediction: Market Opinion for March 2020
A number of crypto forecasting sites have issued their own Cardano Price prediction for March, and as usual, we will feature some of the most relevant ones to give you a better sense of the market sentiment for this coin.
WalletInvestor posted a Cardano price prediction for the next days of March, along with their minimum and maximum prices for each respective day.
|Date||Price||Min Price||Max Price|
Longforecast projected that the maximum price for the month would be around $0.054, while the minimum price would be at $0.021. The month’s average price was calculated at $0.036. The site expects the coin to close the month at $0.023, change for March -51.1%.
According to 30rates, ADA would have on March 31st, a minimum price of $0.021, a maximum of $0.025, and a closing price of $0.023.
Digitalcoinprice predicted that in March 2020, Cardano would be trading at $0.05119233, with an increase of 80.15 %.
Altcoinforecast predicted that the coin will close March at a price of $0.034.
Gov.capital projected that ADA will close the month with an average price of $0.00132, with a minimum possible value of around $0.0130 and a maximum value of $0.0133.
Coinpredictor forecasted that in one day, Cardano will be trading at $0.044257, with a 5.7% increase, and in one week, the price of ADA will see an increase of 9.8%, which would move the price to $0.045973.
Cryptoground foresees that ADA will have, in one day, a trading price of $0.0463, with an increase of 62.50%, and the site also expects Cardano to trade at $0.0477 in one week, marking an increase of 67.27%.
Cryptorating’s Cardano price prediction for the next day is $0.017655, which signifies a decrease of -38.36%, and in one week, it sees the coin gaining 10% of its value, placing it around $0.031505.
Bitverzo’s Cardano price prediction for March 31st, 2020, was that ADA would be trading at an average price of $-0.004570, with a minimum of $-0.108407 and a maximum of $0.101105.
|Friday, March 20, 2020||0.000742||-0.104119||0.106947|
|Saturday, March 21, 2020||0.003917||-0.095890||0.107118|
|Sunday, March 22, 2020||0.002841||-0.101546||0.100706|
|Monday, March 23, 2020||-0.000609||-0.105878||0.094336|
|Tuesday, March 24, 2020||-0.004552||-0.110643||0.103540|
|Wednesday, March 25, 2020||0.000458||-0.101046||0.106223|
|Thursday, March 26, 2020||-0.000945||-0.104922||0.095019|
|Friday, March 27, 2020||0.000723||-0.097011||0.109311|
|Saturday, March 28, 2020||0.003899||-0.100358||0.106046|
|Sunday, March 29, 2020||0.002822||-0.096407||0.115630|
|Monday, March 30, 2020||-0.000627||-0.100231||0.102679|
|Tuesday, March 31, 2020||-0.004570||-0.108407||0.101105|
Cardano Price Prediction: Verdict
This has been our Cardano price prediction for March 2020. We hope that the information we have provided will be of help to you in your future ADA trading endeavors.
Featured image: coinbureau.com
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