Price Analysis

This Is How Cardano(ADA) Price Can Reach Beyond $3?

Written by: Sahana Vibhute

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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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Nov 8, 2021

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The global crypto market capitalization has reached its peak and an inch close to $3 trillion. As most of the crypto assets in the top 10 have made a drastic move towards the north, except Cardano. ADA price is still swinging within the similar range, failing to get notable boosts to go beyond $2.1. 

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The price rallied like a giant in the first week of September, just before the Alonzo Hard Fork event. Many speculated the ADA price may surge beyond $5 after the launch of smart contracts, yet to everyone’s surprise, the price remained unaffected. Moreover, the asset still maintains a similar consolidation, much lower than the previous levels. However, the price is all set to go beyond $3, predicts a popular analyst, AtlasTrades

adaprice

As per the chart mentioned by the analysts, the price is trending within a descending triangle, consolidating heavily in between $1.5 to $2.2. Importantly, it maintains the strong support levels at $1.9 and hence manifests a bullish tendency. Moreover, the analysts have also given 3 targets or crucial zones that may assist the price to range close to its ATH.

  • $2.45
  • $2.80
  • $3.10

Therefore, the asset needs o break through these levels and sustain strongly in order to clinch the next resistance levels. On the other hand, the trading volume had reached more than $4 billion when ADA price smashed ATH. And further declined to nearly $1.78 billion and maintain within similar levels for quite a long time. Yet since the past couple of days, the volume has increased beyond $2 billion pointing towards the increasing user interest over the asset. 

However, the bullish trend or even the uptrend cannot be validated until the price reaches the threshold of $2.2. Once Cardano reaches the immediate zones, the next target may become completely visible to hit. Until then ADA price may continue to form the series of Doji candles each day without much volatility. 

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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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