Price Analysis

Cardano Price Could Retest $2.9 Before Rallying To New Highs At $4!

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Highlights

    Cardano price successfully smashed $3 in the early trading hours, manifesting a huge tendency to hit higher levels in the coming days

    Within the ongoing bull run, the possibilities of a slight correction haunt the rally that could provide the last chance for the traders to get in

Cardano price after a healthy consolidation for almost a week, broke through the parallel channel to smash $3 in the early trading hours. At a point, the rally also showcased the possibilities of falling for a ‘buy the rumour, sell the news’ trap. Yet the asset received a significant push and broke the speculation.

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However, amid the bull run, the ADA price could again retest the levels below $3 around $2.85 or $2.9. The price previously followed a pattern each time it surged high. The uptrend includes a massive leg up followed by a slight drawback and a healthy consolidation. And currently, after testing the discovery mode, the asset appears to have begun with consolidation.

cardanochart

As mentioned in the chart, the price after each surge has accumulated for a considerable amount of time. And hence if the pattern is repeated after the fresh surge, ultimately another buying opportunity could knock the doors. However, the price drop currently may not be so strong as the previous one’s. The reason could be the positive market sentiments ahead of the launch of Alonzo Hard Fork on September 12.

Ultimately the target at $5 appears pretty clear as with a slight consolidation, the Cardano price could hit $3.5 initially. With the end of the Shelly era of the  Cardano roadmap, the core of the system would get decentralized. However, the initiation of the Goguen era would mark the integration of smart contracts and the development of DApps. Therefore, $5 would be an easy go for the ADA price, however, the actual target resides around $10.

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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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