Cardano Market Analysis: Messari CEO expects ADA to become fifth-largest digital asset by 2021, ADA/USD currently under bearish control

Ryan Selkis, the CEO of Messari, said that the top ten cryptocurrencies will get refurbished in 2021 as the industry is currently populated with “real garbage.” He expects the third-largest to tenth-largest digital assets - Tether’s USDT, XRP and others - to all be replaced by other assets. Selkis also believes ADA will become the fifth-largest cryptocurrency soon. 

In an earlier interview, the founder of Cardano, Charles Hoskinson, had said that Cardano’s growth depends on it beating out other blockchains. He added that Ethereum is not yet where it needs to be to decisively become the leading smart contract blockchain. Cardano and other networks can begin to nip away at the incumbent, as per Hoskinson. He said this about the upcoming Shelly upgrade, which is expected to increase Cardano’s usability exponentially. 

Selkis is not the only one who has raised concerns regarding the top cryptocurrencies. As per an earlier FXStreet report, Simon Dedic, the co-founder of crypto research firm Blockfyre, recently said that five of the top ten digital assets do not deserve their high-profile ranks. 

ADA/USD daily chart

ADA/USD is currently trading for $0.082 as the bears have stayed in control for three straight days. The price has found support on the SMA 20 curve, while the Bollinger Band has narrowed considerably, which indicates decreasing price volatility. The MACD shows sustained bearish momentum, while the Elliott Oscillator has had a staggering 18 consecutive red sessions.

Support and Resistance

ADA/USD has resistance levels at $0.085 and $0.089. On the downside, support lies at $0.0812 (SMA 20), $0.079 and $0.075.