Latest PostPrice Analysis

Cardano Price Halts Downtrend, Gathers Its Focus To Hit $3 At The Earliest!

news-image
Highlights

    Cardano price after a massive uptrend shed out its gains, yet appears to have come back on track in order to smash $3

    The price movements indicate the tendency of the asset to keep the bullish momentum intact

The previous day’s close had pulled the Cardano price below the 200-day MA, support levels. However, the price is currently fighting to get back above these levels in order to keep the uptrend intact. With a successful breakout, the ADA price could eventually be programmed to hit $3 within a small time frame. 

Advertisement

The asset was an inch close to hit the milestone at $3 when the bears started to extract their profits. And as an outcome, the price was slashed from $2.9 to as low as $2.47. The price, however, bounced through the decisive phase where-in a plunge could have landed close to $2.2 area. However, the asset which is trending within the descending parallel channel could eventually undergo a substantial breakout.

Also Read: Solana(SOL) Price Aims For Another 20% Jump, $100 Could Be Effortless

adaprice

The asset could range high in order to smash the upper levels of the channel and proceed towards the target at $3. No doubt slight pullbacks could appears on the way, yet the 200-day MA support area is enough strong to hold the price. And hence the asset could eventually gain another 10% to 14% to smash the immediate highs at $2.8.

Collectively, Cardano price appears to undergo a prominent recovery and achieve the target set at $3. And hence, the asset successfully reclaimed its position above the 200-day MA to mark the resumption of the uptrend. In case the ADA price fails to break the channel, yet the MA could provide strong support to sustain. Therefore clear multiple barriers towards the target of $5 in a coming couple of months. 

Also Read: Ethereum to Outperform Bitcoin! ETH Price is Amped for a Massive Rally Towards $10k!

Tags
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
Close
Close