Price Analysis

Cardano Price is Battling a Crucial level, will the Price Dip Below $2?

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Altcoins like Cardano have sustained large losses as the broader market has experienced profit-taking in recent hours. The current price of Cardano is down 33.52 percent from it’s all-time high of $3.10 on September 2. At the time of writing cardano is trading at $2.09 and has declined by 8 percent.

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Cardano Price Trades in Red

Cardano is currently battling a critical level, and if it can break through the tension of this overhead barrier, Cardano prices will likely rise. As the market continues to rise, there are signals that it could be about to break out.

If the breakthrough is successful, Cardano price might surge to their next target of $2.53 or perhaps higher, depending on how strong the purchasing demand is at this point. In case the current trend continues, the next critical level might be $3. 

If the price falls below $2.05, the prior breakthrough mark of $1.951 will be tested once more. This is a high-level support level that hasn’t been tried. In the medium run, if it gives way, a further drop to $1.56 is likely. 

After a strong retrace, Cardano price found some support above $2, indicating that there could be further upward in the coming hours.

ADA wallets surge!

Data from Cardano data aggregator Pooltool, first published by Finbold, shows that the number of wallets staking $ADA has increased to 942,400 at the time of writing, up from 821,000 addresses on September 10. 

According to the same data source, $54.07 billion in ADA has been staked over 2,931 active pools, accounting for nearly 72 percent of the cryptocurrency’s supply. The Cardano network reached a new milestone in May, when one million wallets were created on it.

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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.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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