Cardano was one of the coins that firmly cemented its place in the top 10 of cryptocurrencies back in 2017 and 2018.
Since the days of the crypto explosion, Cardano has, like most cryptocurrencies suffered immensely and lost over 90% of its value during the last 2 years.
Today it has dropped out of the top 10 market cap coins and looking for a rebound in 2020.
But are there brighter days ahead, or?
Cardano has struck up some notable partnerships with powerhouse business enterprises around the world, like Emurgo and New Balance. And with the upcoming release of Goguen and Basho, investors of the digital coin are hoping for better times.
Let us have closer look.
The cryptocurrency market showed its ugly head for altcoins back in 2019, ADA included.
The coin rebounded to $0.096 back in June. But as with all other cryptocurrencies, the hope of a revival was short lived and price plummeted all the way back to $0.034.
It is around this area $0.030 – $0.035 where it seems to have bottomed out and formed a major support level.
Infact, as of December 2019, Cardano has hit this support level on multiple occasions.
Is it the bottom?
Since its inception back in 2017, this is the coins lowest value and if there is downside, it is minute with little follow-through.
At the start of 2020 there are no indications that Cardano will boom as a result of breaking project related news.
It is more likely that the price will of the coin will be more reactive to what the number one currency Bitcoin does.
However, is it all doom and gloom? Or is there a silver lining coming in 2020?
Coinswitch.co has a scenario of 1 dollar. That is a 2800% increase from today’s price and back to all-time highs. This is optimistic and unlikely.
A more realistic view with a bullish sentiment and at a current value of $0.034, is an increase in price to the last resistance level of $0.094. That is a 200% jump in price.
The consensus in the cryptocurrency community is that Cardano will be one of the digital coins that will see the most upside, percentage-wise in 2020.
If the market has a similar reaction to what it had in June 2019, Cardano can see a move of at least 100% and possibly higher.
That will give it a value in the range of $0.070 to $0.1.
However, with a further sell off it could see the coin drop down to around 0.030. Value-wise it is not a big move, and with this area as a major support level, a further sell-off seems unlikely.