Price Analysis

Social Dominance Factor of ADA drops by 32%, How Will Cardano Price React?

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Highlights

    Social dominance indicator hints the intense bull run of the asset which has experienced a slump

    Yet the Cardano price is all set to smash new highs until the crowd euphoria returns.

The bulls regained momentum over the crypto market, as BTC and other crypto assets were up with a decent margin. On the other hand, Cardano is ruling the market with its splendid performance, the price had spiked by 11.67% to sustain above $2.8. Yet the weekend slashed all the prices as most of the crypto assets experienced a downtrend. 

Cardano price is attempting hard to march towards new highs amid a series of announcements lined up for the launch such as ADA smart-contract launch, mobile integration and many more. But,  surprisingly, the crowd interest appears to have lessened on time. Yes, compared to last week the social dominance factor dropped by 32% at the press time.

Also Read: XRP, MATIC & Cardano(ADA) Price Analysis, Predictions For The Upcoming Week

Despite the reduced interest among the crypto enthusiasts on the third largest asset, Cardano, yet it kept it’s bullish moment intact. Being distinct from the market sentiments, the price propel yet failed to smash the $3 milestone. However the weekend turned out to be pretty bearish as the price slid down below $2.8, looking for a substantial rebound. 

After surpassing $2.5 level Cardano price was up by some margin and reached very close to $3,but faced a rejection. The price seems to consolidate around $2.75 for sometime to strengthen its support level. Therefore, there is a strong possibility that the asset could surpass $3 somewhere in the coming week. 

Social dominance factor could play an essential role to further push the price towards $5 in the coming days. It can easily smash higher prices until the crowd euphoria returns. On the downside, if Cardano fails to surpass the support levels, the price has a strong support level at  $2.65. In the short-term the price is anticipated to hit $5.  And by sustaining $5 successfully, $10 also may not be distinct. Considering the developments ahead the ADA price could even rise faster than Ethereum in the near future.  

Also Read : Smart Contracts Ready to Launch, Is Cardano Price Massive Rally On Horizon?

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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.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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