NewsPrice Analysis

Cardano (ADA) May Soon Flip XRP, DOT Price Expected to Hit $20 Shortly

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Highlights

    DOT price almost hit $20 with a strong bullish momentum forming a new high for the asset.

    ADA price rallied close to 50% in the last couple of days to hit close to $0.4, however, a small dump pulled back price to $0.37

Will Polkadot (DOT) Price hit $20 shortly?

Polkadot price had smashed its highest ever levels in the previous working day by attaining levels close to $20. However, it soon entered a correction phase by plunging back to the levels around $16. 

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Currently, the DOT price is trending in an ascending triangle where-in the probability of breaking the resistance levels is mandatory. However, the rally may hit $20 soon as predicted by one of the analysts CryptoLand. The analysts also cautioned of a possible dump after the target is successfully attained.

The DOT price at the time of writing is $17.28 with a slight pullback of 2.56%. However, a slight correction always follows the surge, but the bull run is expected to continue towards the next target set at $20 and above.

Also Read: Polkadot (DOT) Smashing New Highs, PARSIQ Price Hits ATH

Cardano Price on a Decisive Phase

Cardano price is trending in a very narrow range after a major boost which led the price close to $0.4 a couple of hours earlier. The multiple rejections at the levels close to $0.4 is now a strong resistance level that may be broken very soon.

DOT price chart

On the contrary, if in case, the asset dumps, the asset may revisit the earlier levels below $0.3 close to $0.28 also. The trading volume has plunged over 21% which may further pull down to price close to $0.36 levels too. 

Interestingly, Cardano market capitalization is very close to that of XRP and in the coming days, if the ADA price rallied very hard, ADA may even flip XRP to gain the fifth position on the cryptocurrency ranking list. The ADA has already surpassed XRP in terms of price, but entering the top 5 positions for ADA is imminent.

Also Read: A Popular Analyst Predicts Cardano (ADA) Price to Hit $5 Very Soon!

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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.

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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