Cardano Price Prediction: ADA Prepares To Break Out
The crypto market saw a boom these days, and Bitcoin was able to boost its price past $12k.
At the moment of writing this article, Bitcoin is trading in the green, and the king coin is currently priced at $12,825.63.
This price surge came following an important announcement made by PayPal. The platform dropped great news regarding cryptos.
Here’s the announcement coming from PayPal that allegedly boosted the price of the king coin the other day.
Today, we are announcing the launch of a new service that will enable customers to buy, hold and sell #Cryptocurrency directly from their PayPal account. https://t.co/QS6JRmG9hs pic.twitter.com/uHBatfZkbF
— PayPal (@PayPal) October 21, 2020
“The service will be available to PayPal account holders in the U.S. in the coming weeks and initially feature #Bitcoin, #Ethereum, #BitcoinCash, and #Litecoin directly within the PayPal digital wallet,” PayPal continued.
Cardano’s state in the crypto market
At the moment of writing this article, ADA is trading in the green, and the digital asset is priced at $0.107052, and the coin is up by almost 3% in the past 24 hours.
As CryptoBriefing notes, Cardano is now going through a kind of stagnation phase while the rest of the crypto market aims for higher highs.
Investors are shifting their attention to pumping digital assets, and ADA could be reportedly preparing for a breakout, according to the same online publication.
“Cardano has been stuck within the 200 and 50-twelve-hour moving averages since Sept. 25. These critical hurdles have limited the price action to a small trading range that is getting narrower over time,” they noted.
The same publication also notes that ADA’s inability to bust through support and resistance makes this area a logical no-trade zone.
They also made sure to point out that taking into consideration Bitcoin’s impressive rally towards $13,000, “it is reasonable to assume that a breakout will soon occur.”
Stay tuned for more Cardano and ADA-related news, and also make sure to check out the original article to learn more details.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.