Is Cardano A Good Investment Today?
Could this be a good time to get into Cardano? Cardano has actually been range-bound for almost eleven weeks now, since a huge surge upwards that took ADA from 7 cents to $1.50 throughout the middle of March.
The cryptocurrencies are going through a transition. Bitcoin dominance is falling progressively after an assistance level at 50% was broken recently. With no more support beyond the low 40% region, it looks most likely dominance will reach the low 40% level.
As the Bitcoin price has held near 109% over the last 6 weeks, Ethereum is continuing its upward trajectory. Nevertheless, after such a huge climb in such a brief time period, Ethereum must anticipate a draw back eventually.
Let’s speak about Cardano. When Ethereum runs out of gas, could this be the time for ADA to make a run? Assuming BTC is stable, it’s possible that worth will transfer into the next biggest smart contract blockchain platforms.
Here’s a look at Cardano, Polkadot, and Solana. DOT is going up against BTC after a recent 28% dip, so this looks promising. However, that’s nothing beside SOL, the Solana blockchain token.
A big run against BTC saw ADA gain 530% because the start of the year, peaking at the end of February.
A great retrace has followed up that peak, ADA is now sitting at 2390 satoshi, and wants to continue to rise against BTC.
I think ADA is looking ready to reverse the pattern. ADA has actually lost 62% of its worth versus ETH in the last ten weeks. With ETH perhaps running out of steam, might it be an asset to convert some ETH into ADA?
