Cardano news today is about the digital currency’s potential to become a top 5 token by 2020. Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC) and Bitcoin Cash (BCH) in this order hold the first 5 positions for the largest digital cryptocurrencies. Can Cardano break into this list? Will the next crypto bull run aid the project to greater heights and allow it to become more dominant?
Don’t forget that cryptocurrencies change positions regularly. Hence, Cardano (ADA) can break into the list of the top 5 coins by market capitalization. The project has several fundamentals that place it among the top contenders when it comes to breaking into the top 5 by 2020. Let’s consider the potential for Cardano to achieve this.
Cardano (ADA) Price Today – ADA / USD
Cardano Positive Drivers
There are a number of drivers that make Cardano a potential top five token. Let’s highlight them below:
In March this year, Ledger announced that it has integrated Cardano into its hardware wallet. This will let ADA holders have more peace of mind when they securely store their funds offline.
Real Trading Volume
According to a Reddit thread, the trading volume of 90% of cryptos is grossly inaccurate. However, according to OpenMarketCap.com, Cardano is the only digital asset in the top 10 reporting 50% of its real trading volume.
Mainnet 1.5 Release
This March, Cardano’s development team reached a milestone when it released the network’s first 1.5 mainnet. This marked the beginning of the transition from Byron to Shelley which will see the network become decentralized. The upgrade also brought several major performance improvements to Cardano’s wallet.
Analyzing Cardano Future Price, Long-Term Price Analysis
Cardano price must reach $0.20 for it to reach the top 5. Meaning Cardano future price must reach anywhere above $0.20 by 2020.
From the ADA/USD daily chart looks, we can see that Cardano has been rising since hitting its 2019 low in February. The crypto went on to break above the 100-day MA in March 2019, which turns out to be a strong bullish signal.
Since we entered April, the market has surged higher at a bearish at $0.09185. This bearish position is the Fibonacci Retracement level measured from price from July last year to the price in December 2018.
If this bullish pressure continues causing the pair to break above the present resistance, we can observe immediate higher resistance at $0.10 and the bearish 5% Fibonacci Retracement level.
Above $0.1120, There’s Resistance at 1.272% and 1.414% in the Short-term
Above $0.1120, there are short-term resistances at the 1.272% and 1.414% Fib extension levels at $0.1177 and $0.1268 respectively. This is followed with resistance at $0.1321.
If the buyers continue making ADA/USD rise above $0.15, they’ll meet resistance at $0.1608 and $0.1779.
Before reaching $0.20, the market must break above the $0.18 and $0.19 price positions. When Cardano reaches $0.20, its market cap will reach $5.18 billion. Cardano will be getting closer to the number 5 ranked cryptocurrency by market cap, especially if the top 5 tokens don’t rise very much during this period.
From the above, it is safe to say that Cardano has the potential to become a top 5 digital currency by 2020.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.