Price Analysis

Cardano Price Could Lose Another 30% If The Traders Fail To Jump In!!!

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Highlights

    Cardano price which has lost nearly 30% since the beginning of the current month could shed yet another 30% in October

    The price which is sustaining strong above $2 could also experience a slump below these levels very soon

Cardano price in the recent items has remained one of the major focuses in the crypto space. Mainly due to its capability to sustain above certain levels amid extensive sell-off or bearish market sentiments. However, the traders have not yet jumped in too to uplift the ADA price which manifests the possibilities of a continued downtrend.

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The asset is witnessing an intensified downtrend for a week which has resulted in an exit from the top 3 crypto positions. Tether has officially regained its 3rd position with a market cap just surpassing that of Cardano. However, a successful reversal could happen, if in case the traders jump in, to uplift the price. 

Also Read: Traders Keep Eye On These Alts ! Here are Top Altcoins Watch For October

adachart
Source: www.coingecko.com/en

Currently, as mentioned in the chart, the price is following a downtrend channel with a reduced volume. Therefore it indicates the lessen activity of the retail traders. No matter the whales can change the entire scenario but to keep up the volatility the traders need to be active. Many expected the Cardano summit would impact the ADA price but no such variation was seen. And hence, the price can shed some more gains if in the coming month continuing with a downtrend. 

On the other hand, some popular analysts are pretty bullish on Cardano price and see a double-digit figure by the end of 2021. The current trend showcases the probability of achieving $10 is very less. However, as most of them believe, October could witness a surge in the ADA price and hence the bull run could resume soon. 

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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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