Price Analysis

Cardano Price Flips The Bulls, Yet $5 Target Remains Unaltered!

Highlights

    Cardano price that initiated with a recovery, failed to continue with the uptrend and retest the lower trend line

    The price appears to have to lose the bullish momentum, yet expected to reach certain levels in the coming days

Cardano price, since the beginning of the current trading month, showcases extreme volatility by plunging every now and then. Each time the price initiates with recovery, a drastic pullback haunts the bullish trend. And hence, the price most of the times remains within the decisive phase. 

A similar phase is encountered for the ADA price currently, where-in a bounce back is required, but it appears not so easy. Considering the previous day’s price movements, a breakout appeared to be imminent. Moreover, the price also surged above 10% and $1.8 resistance levels also appeared fast approaching.

Also Read: Cardano Price May Not Resume Bull Run Soon! Has the Bearish Trend Begun?

However, the entire scenario flipped since the early trading hours as the price slipped and heading towards the previous days opening levels.

cardano price

The rejection from these levels points out towards a consolidation for a couple of days more before a successful breakout. The ADA price is yet to touch the peak of the ascending triangle and hence one can expect a rally.

Despite the silent and narrow trend, the target for the price still remains unaltered at $5.One of the popular analyst Crypto Michael, in his video, predicted that the price may dip more towards $1.33 levels before a leg up above $2 close to its ATH.

The analyst has also predicted the Zilliqa price may reach the highs and again drop to the bottom levels. However, a bounce back to the strong resistance levels around $0.248 appears to be imminent. 

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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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