Price Analysis

Cardano Price Sees a Biggest 1-Day Drop! Will ADA Price Witness a Rebound?

At the time of writing, Cardano was trading at $2.08, down 11.32 percent. It is the biggest one-day percentage drop since September 7, and the market is bracing for a quick recovery.

Best-case Scenarios for Cardano Price

Benjamin Cowen, a well-known crypto analyst has revealed what he believes are the best-case scenarios for Cardano (ADA)

Cowen says that one reasonable scenario for ADA is a lengthy grind around the 20-week simple moving average (SMA) before making another step higher from present prices, according to a new strategy session.

A more realistic, yet still bullish, approach for ADA would be to basically grind it out here for a little while. And, in the best-case scenario, we hold the 20-week, after which we may be able to move higher.

Cowen also considers the long-term implications of Bitcoin falling, which would bring altcoins like Cardano down with it.

Another optimistic scenario, but one that is more short-term bearish, is if Bitcoin gets another shakeout, say down to the mid $30,000s, around $38,000 or $41,000 around the 20-week SMA, then we can even go below the 20-week SMA again and continue moving along, eventually breaking out.

Cardano’s rise should be more moderate, rather than erratic, parabolic swings upward. According to the analyst, ADA has the fundamental power to make new all-time highs on a consistent basis.

Also read : Is This The Right Time To Buy Cardano(ADA)? Know What Analyst Thinks?

Cowen says that,

Let’s take ADA for what it is and say, “OK, we’ve had a really well last year and a half.” We just implemented smart contracts recently. Okay, we’re coming to see who’s going to use these smart contacts. We’ll gradually develop the ecosystem that supports Cardano, with the goal of gradually increasing its value. That, in my opinion, is preferable to climbing up too soon. I believe that going up slowly and steadily is always preferable to having a parabolic move since it is more sustainable.”

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

Recent Posts

Missed BTC & ETH ? Here Are Top 6 Altcoins Traders Can Bet This Bull Season !

After the debut of the first US bitcoin futures exchange-traded fund two days ago, bitcoin…

4 hours ago

Minto to Launch Staking on October 21, 2021

Minto is the project that allows users to get rewards in bitcoin by staking BTCMT…

8 hours ago

Attention Traders !! This Is When Bitcoin Price May Plunge Below $50k !

The global crypto market cap is now up more than 35 to 40% since the…

8 hours ago

Terra (LUNA) Price to Hit the $100 Milestone! Here’s When?

LUNA has been one of the marathon runners lately. The altcoin is garnering the interest…

9 hours ago

Garlinghouse Speaks About XRP Based ETF ! XRP Price Sees no Action!

Ripple Price Action The price of Ripple has been static for the previous week, disappointing…

10 hours ago

Bears Gearing up to Drag Bitcoin Down, This Is How BTC Price Can Defend Itself!

The cryptocurrency market remains vivid lately. While some flourish, others lose out-breath on their run.…

12 hours ago