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Cardano Price Sheds All the Weekly Gains, What’s Awaited Next?

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Highlights

    Cardano price slides massively with a loss more than the weekly gains, as a result, it drops to fourth place in the cryptocurrency ranking list

    Yet the community remains bullish as they hope for a gigantic recovery very soon that may rally ADA price above the current ATH

Cardano Price Target Above $2.3 Levels

The Cardano price was very close to the ATH just a couple of days ago, yet a huge correction pulled back the price to the current levels. However, at the time of writing, the ADA price is attempting very hard to flip the bearish divergence to recover losses.

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One of the popular analyst, TOP AIM STOCKS, predicts that the price may rally hard to form a new ATH above $2. The analyst supports his claims with the Fibonacci extensions,  technical indicators that determine resistance and support levels.

As per the analysts, the support levels in the indicator stands at $2.29 which is more than 50% of the current ATH around $1.48. And hence the new ATH would be surely above $2.3 levels in the coming days. 

Is ADA Making ETH Look Bad?

The ADA price rally in the past couple of days was very extensive as the much-awaited event occurred. The price spiked notably with the listing on the most popular exchange Coinbase. Interestingly, Cardano formed a new ATH above $1.87 on Coinbase whereas it remained below $1.4 on Binance at the same time. 

On the other hand, the world’s second most preferred crypto Ethereum appears to have stuck up within a range. The price volatility of ETH has reduced to just $50 trending in between $1750 and $1800 for quite a long time. 

It is a known fact that how Ethereum works for the betterment of teh crypto space, especially DeFi. And on the other hand, the use cases of Cardano is comparatively less yet the rally is magnificent. Therefore, considering the above facts, one of the analysts Rekt Capital raised the query that most of the crypto enthusiast felt.

With the tweet, the analyst initiated a debate among the ETH and ADA community where the respective followers compared both platforms emphasizing the features. However, each asset or blockchain in the crypto space carries its own benefits and limitations. Therefore to scale an asset superior to another would be a rather inexperienced analysis. 

Collectively, Cardano price at the time of writing is $1.25 with a massive drop of 12.07% after gaining 10.44% in the past seven days. However, a couple of new green candles after a steep plunge indicate teh building bullish momentum. Hence, the ADA price rally is expected to resume soon to smash levels above $2 as predicted by the analyst. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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