- August is a month filled with expectations for Cardano. In fact, there’s a divide on whether ADA will have a good month or not.
- However, according to charts from July, Cardano seems to be a fair choice for investors. There will be bearish trends, the same as bullish trends.
Cardano (ADA) entered August with high expectations. Many investors are ready to invest in the token, but there are questions on whether it is a good investment.
Is Cardano A Good Investment for August?
August is finally up, and many crypto investors are searching for the best investments. Cardano (ADA) is one of the top cryptocurrencies, but it is also among the most profitable. Not that it increases in enormous strides. However, consistent and data-driven trading of ADA provides profit.
Within August, ADA is among the tokens up for consideration by investors. Will Cardano be a good investment for August? Well, only the charts can do an excellent job of giving the correct answers.
Starting with the monthly charts, Cardano is full of promises. In fact, a glance at the monthly charts shows the bulls did an outstanding job subduing the bears. Within the past month, ADA had some of the worst lows. However, it made up for this by increasing massively in price. On 6th July, Cardano had an awful time, opening at $0.28 and closing at $0.27. This made the token record a loss of 1.67%.
However, Cardano investors saw some massive increases during the past month. On 13th July, Cardano increased by a whopping 23.85%. It opened the day at $0.28 and closed at $0.35. Coincidentally, this was the same day the XRP partial ruling made the news. Perhaps it was not a coincidence. This is because the XRP news helped Cardano increase massively in price.
Although the next day, on the 14th, Cardano witnessed a sharp decline of 8.02%. Apparently, this was after it closed at $0.32.
But in the new month, Cardano might go the same route. Although there will be bearish trends, the bulls are expected to overshadow the bears. This is not investment advice, but Cardano has a good chance of being a good investment.
Will Mithril Mainnet Upgrade Drive Cardano’s Price?
The Mithril Mainnet is expected to positively affect Cardano’s price. Apparently, the Mithril Mainnet Upgrade went live at the end of July. However, the new upgrade will bring new changes to the Cardano network. It will improve governance and voting on the Cardano network.
Most importantly, the Mithril Mainnet Upgrade reduces the complex process of running a full node. The Mithril Mainnet Upgrade is not expected to affect Cardano’s price immediately. However, a long-term effect is feasible.
In conclusion, Cardano’s price chart in the past month gives an idea of what to expect from the token in August. In other words, there might be several bearish trends during the month. But investors should expect profit due to the bulls. Also, the Mithril Mainnet Upgrade might have a long-term effect on Cardano’s price.
This author is quite objective. I like how he explained how the bears abs bulls will battle each. No clear predictions, as it should be.
At Mootley Fool, they usually give me predictions that won’t work.