Cardano (ADA) advanced to record highs on Friday. Here are the next targets

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the outdoors, enjoys… read more.
on May 8, 2021
  • Occam and Bondly announced a partnership to bring NFTs and DeFi to Cardano
  • Cardano (ADA) advanced above $1.74 this Friday
  • $1.4 represents a strong support level

Cardano (ADA) has advanced from $0.18 above $1.74 since the beginning of the 2021 year, and the current price stands around $1.60. The cryptocurrency market continues to trade in a bull zone; Bitcoin has stabilized above the $58000 level, indicating that the price could advance again above the $60000 resistance level.

Fundamental analysis: Occam and Bondly announced a partnership to bring NFTs and DeFi to Cardano

Cardano is an entirely open-source that represents identity, value, and governance, all in one platform. Cardano is connected with various payment programs, and it has its own cryptocurrency known as ADA.

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The liquidity of this coin has risen dramatically, and the price of Cardano (ADA) advanced above $1.74 this Friday. Recent announcements that Occam and Bondly announced a strategic partnership to bring NFTs and DeFi to Cardano positively influenced this coin’s price.

Occam and Bondly will explore development synergies within the growing NFT market for Cardano and try to make DeFi more accessible to everyday users.

“Bondly has emerged as an NFT leader, and together, we believed our partnership, and by extension, the Cardano ecosystem is a natural fit. Together, we will pursue opportunities to incubate NFT startups and bring high-quality projects across our respective launchpad infrastructure,” said Mark Berger, President of the Occam Association.

In April, it was reported that Cardano would be partnering with the Ethiopian government in order to modernize the country’s education system. Cardano is currently the 7th largest cryptocurrency with a market cap of over $50 billion, while the recent partnerships together with the smart contract capabilities are believed to be contributing factors to this bull run.

The price of this cryptocurrency could easily advance above $2 resistance in the ongoing bull market; still, if you decide to trade Cardano (ADA) in the upcoming days, you should use a “stop-loss” order because the risk is very high.

Technical analysis: $1.4 represents a strong support level

This cryptocurrency has made a big jump in a short period and, if you decide to buy Cardano (ADA) this May, you should consider that the price could also weaken from the current levels.

Data source: tradingview.com

The critical support levels are $1.4, $1.20, and $1; $1.8 and $2 represent the important resistance levels. If the price jumps above $1.8, it would be a signal to trade Cardano (ADA), and the next price target could be around $2.

On the other side, if the price falls below $1.40, it would be a firm “sell” signal, and we have the open way to $1.2 or even to $1 support.

Summary

Cardano (ADA) advanced to record highs on Friday after the news that Occam and Bondly announced a strategic partnership to bring NFTs and DeFi to Cardano. Cardano (ADA) could advance even more in the ongoing bull market, but if the price falls below $1.40, it would be a firm “sell” signal, and the next target could be around $1.2 support.

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