Price Analysis

Cardano Consolidating Again, ADA Price May Drop To $1.5 Levels Soon!

news-image

The upcoming weekend could be no less than a mysterious box for the crypto market as many assets are currently trembling down. Cardano also shed notable gains in the past couple of days and currently is consolidating heavily within lower levels. The drop may continue further and also drag the ADA price below $2 in the upcoming week. Hence offering the traders an opportunity to buy at the dip, but whether the asset will flip the bears or continue with accumulation is still misty.

Advertisement

Until now, the asset maintained the support levels at $2 amid multiple pullbacks or downtrends. However, the current decline may break the strong support levels and plunge below $2 levels. One of the popular analysts, Micheal de van Poppe believes, the ADA price may easily retrace towards $1.50 levels.

Also Read: What If Ripple Loses Against The SEC? This Is How XRP Price Will React!

Moreover, the analysts also suggested keeping an eye on the $1.8 zone that might be crucial in deciding the next leg. Also, a point to be noted is, if ADA prices drop to these levels, then Bitcoin prices may also slide below $60K. However, prices are completely dependant on the expansion of their respective ecosystems. And hence if the upcoming Taproot upgrade is well in place then BTC price may rally escorting many gems.

Collectively, bull markets do include huge corrections of 30% all the time. It happened during the 2017 bull rally before and could also happen now. And therefore, it is pretty much healthier for Bitcoin and all the other assets including Cardano. With the current consolidation, the ADA price may accumulate enough strength to propel higher, maybe towards its ATH. 

Also Read: Decentraland (MANA) & The SandBox(SAND) Price Keep NFT Space High!

Show More

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.

Related Articles

Back to top button