Price Analysis

Cardano Manifesting Huge Potential to go Parabolic, May Give 2x Returns Very Soon

Written by: Sahana Vibhute

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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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Dec 27, 2021

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Highlights

    Cardano price is following a massive uptrend since the early trading hours with a huge influx of liquidity

    After breaching through an important zone around $1.5, the asset aims to slice through the next levels at $1.69

As the yearly trade is on the verge to end soon, many altcoins are gearing up to register a healthy close. Hence, Cardano price has also initiated a journey towards the north by slicing through the mandatory levels around $1.5. The asset quickly inculcated the pre-Christmas boosts and hovered along with the $1.45 resistance levels for a couple of days. However, the ADA price kickstarted the present-day trade above the consolidation, aiming to smash $2 at the earliest. 

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The asset since the beginning of the present trading month is going parabolic in order to regain its lost position. Despite following a notable uptrend, yet the biggest challenge lies along the asset surpassing the crucial resistance levels at $1.696. This move may not only certify with an upturned but also re-ignite the bull rally. 

  • The asset if on its way to hit the immediate resistance levels, yet could encounter an interim pullback due to some exhaustion
  • However, a notable pullback may be witnessed after the asset breaches through the $1.69 pivotal levels, where-in a pullback to $1.5 or $1.48 levels may be quiet possible
  • The Relative Strength Index(RSI) broke the trend line a couple of days before manifesting a bullish trend, as its also finished with a retest also
  • A healthy daily close above $1.52 could validate with an uptrend that may escort the price towards the $2 target. 

While the crypto space is gearing up to end the yearly trade on a huge bullish note, Cardano is utilizing all its resources to register a yearly close above $2. However, the market sentiments are slowly turning bullish. And ADA price may enjoy a roller coaster ride to hit ATH while other tokens remain calm, as it did in September. 

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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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