February looks like it's going to be a pivotal month cryptocurrency, Cardano included, and it looks like we could be testing $1 within the first few weeks of February. It's just the second day, and ADA has increased by 20%
Today, out of the top ten, Cardano ADA is up the most after it briefly touched 43 cents. The only problem is that pump and dump groups are jumping on it right now.
Cardano has a massive month in February right now in general, and it is undervalued. Out of the top ten cryptos for 2021, ADA looks like it has the highest profit potential.
ADA started pumping after Charles Hoskinson Did a talk about pump and dump groups and market stability, shooting up by 20% nearly instantly.
On the Google trends on the seven-day chart, for Cardano, we can see that it immediately shot up to a high, so we have many people searching it on google.
With cryptocurrencies peaking right now, even from pump and dump groups, it brings a lot of attention to the cryptocurrency. It seems like the cryptos that are pumping are settling higher than expected, XRP, for example. It went as high as 70 cents, and now it has dropped back high to 35 cents. Dogecoin also went as high as 8cents now; it is finding a new support level around 3 cents, it fell into the 2cents range, and people were buying the dips.
Cardano Goguen Mainnet is coming out soon, and Cardano will become a significant competitor for Ethereum; ADA will be moving up in market capital in general. It will introduce smart contracts to Cardano and the ERC20 token converter allowing projects to easily convert from the Ethereum blockchain over to the Cardano blockchain and convert other projects to the Cardano blockchain.
From the look of things, hundreds of projects will be converted as people will take advantage of this opportunity because of the fees, and everything is better.
ADA also broke their resistance level we have been testing for the last few weeks at 38 cents, and now at 40 cents; this could hike up any minute.
If we get a major announcement, ADA could quickly go up to one dollar.
Even with ADA being very bullish and up to 21%,a lot of people are buying because they don't want to miss out and they think it is going to go parabolic very soon. There is always high risk of short term dips which is why it is best to do dollar cost averaging and wait to buy the dips.
