Price Analysis

After a Huge Corrective Quarter, Cardano(ADA) Price May Hit the Actual Bottoms Before Roaring Towards $6!

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Jan 9, 2022

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Bitcoin and Ethereum are struggling very hard to maintain above $41,000 and $3,100 resp, diving the entire crypto space into rock-bottom levels. However, the top 6th crypto asset, Cardano maintains strong above the crucial levels, yet it may also tremble down very soon.

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The asset is testing these levels multiple times during its rally and each time it has flipped strongly. Yet the current test may be a little diverse as the possibilities of a rebound are comparatively less. 

ADA/USDT price showcased a beautiful price action where-in it had a big run in 2021. Moreover, since September the asset is following a notable downtrend after smashing highs beyond $3.

Cardano is currently 60% down since then while the asset is attempting with a couple of bounces around $2. However, the bottom levels are around $0.82 or $0.65 appear to be pre-programmed, yet a new ATH beyond $4.45 or more than $6 is clearly visible. 

The Cardano price is yet again testing the crucial support around $1.1 and a flip is the need of the hour. The confirmation of an uptrend maybe only be when the ADA price surpasses the $1.5 levels and hence an upper target around $2.4 at 0.5 FIB levels may be expected. Eventually, maintaining the bull run, the ADA price could slice through 1 FIB level which resides along the ATH to smash new highs at 1.5 FIB levels around $4.4. 

On the contrary, if Cardano fails to range along with the FIB levels, then the lower support levels could eventually attract towards itself. Initially, it may plunge beneath $1 and test the $0.82 support levels. While these supports appear to be pretty weak, the ADA price could plunge down towards the strong levels around $0.65. 

However, huge expectations are around the Cardano smart contracts, upon which numerous projects are been deployed. And hence a deep dive towards the north with the ADA price may be expected once the crypto space stabalizes. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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