Price Analysis

Cardano Price Could Hit $3.5 Anytime From Now, Is $5 Next Stop?

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Highlights

    Cardano price following a steady rally is expected to surpass the milestone at $3 in a coming couple of days

    The rally is expected to range high until it gains another 20% to hit $3.5 forming a new ATH very soon

Cardano price currently is experiencing a slight pullback, after it marched as high as $2.94 in the early trading. After a couple of failed attempts to smash $3, the ADA price is accumulating enough momentum to achieve the target at the earliest. With a massive 12% increase in price and 27.44% in the trading volume, ADA price could eventually hit $3 anytime from now.

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The price chart showcases a similar pattern the asset is following in order to nullify steep pullbacks. The price is forming a bull flag and surged high a couple of times. However, as an outcome of the pattern, the price could eventually range high to hit the milestone above $3. One of the analysts, T V Trader, predicts the price could hit $3.5 in a coming couple of days. 

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As per the 9-hour chart posted by the analyst, the price is constantly following the pattern. Moreover, Elliot waves are also formed and the price is completing the 4th impulse wave of the Elliot waves principle. The 5th wave resides at the flag pole and there are high chances of the price following a bullish trend.

On the other hand, the indicators like MACD and RSI both point out a bullish divergence. And hence assuring an uptrend approaching very fast that will create an ATH above $3, somewhere around $3.5. Therefore, all the market conditions do point out towards a bullish rally for the Cardano(ADA) price. And hence, the asset is primed to follow the sentiments accordingly in order to go higher in a longer time frame. 

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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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