Price Analysis

Bulls Could Take Over The Cardano (ADA) Price Rally, Yet $3 May Be Still A Challenge!

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The current trading day is witnessing a slight drain compared to that of the previous day bullish leap. Most of the currencies are experiencing a slight drain, yet not too far from the highs of the previous day. However, to everyone’s surprise, Cardano remains out of the crowd as it’s on the verge to make a huge move. No doubt the ATH is very much distinct, yet the bulls may diminish the gap very soon. 

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The start of Q4 2021 was not so exciting for ADA price as it remained unaffected by the smart contract launch. Moreover, the whole October month which was pretty bullish most of the altcoins Cardano remained stagnant. The asset trended within a symmetrical triangle for more than a month which it broke out recently. However, an extreme bullish case emerges as the bulls are all set to take over soon. 

One of the popular analysts predicts a huge bull run for the as the asset is testing the crucial resistance. 

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The chart posted by the analysts displays the asset forming a falling wedge since mid-September. A notable jump in recent days propelled the price to break through the pattern to test the crucial resistance levels. As the asset breaks through these levels at $2.356, the asset may drag the bull’s attention. Further, slicing through the critical zones in between $2.3 and $ 2.422 may invite the bulls to take the whole control of the rally. 

The bulls may uplift the ADA price towards the next support levels and also elevate the support levels in case of a minor correction. And hence reduce the path towards the ATH and also attempt to surpass them to leap as high as $3.8. However, the Cardano price may initiate the bull run in the next couple of days, yet reaching the targets beyond $4 or $5 may be a little distinct. 

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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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