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Cardano Price Enters Crucial Phase! Here’s When ADA Price can Blast Out of Consolidation!

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The overall crypto market showed mixed signals over the last 24 hours. The flagship currency, Bitcoin has managed to surge above $54K, while Ethereum was up by 2.98%. Cardano price is still a sleeping giant with no major fluctuations. Meanwhile, Shiba Inu Price continues to be the best performer, with a gain of more than 70%.

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When Will Cardano Price Bounce Back ?

With mild volatility over the last 24 hours, ADA prices traded in a range of $2.17 – $2.26.Trading volume has hit $2.19 billion, while the total market cap trades around $69.8 billion, ranking 4th place.

After consolidating sideways for the past 24 hours, cardano price showed signs of attempting to push the price higher. As per the chart, the bull market remains intact until Cardano price stays above $2.05. In case if the altcoin clears the trend resistance at $2.4, the rally should extend towards $2.56. In the event, if ADA/USD clears $2.51 we can expect a massive upswing hitting new ATH.

Cardano Price

A bullish breakout will be confirmed if the ADA/USDT successfully moves above the descending trendline. In this case, the altcoin price will test the $2.50 resistance level with a 15% surge. 

On the contrary, if Cardano’s price loses trend support at $2.05, the next stop is at $1.88. Furthermore, a deeper selloff could target the $1.66 level.

However, traders need to watch the resistance levels at $2.38 and $2.57 and Support levels at $2.00 and $1.92. Overall, We expect ADA/USD to push higher and return above the $2.5 closest resistance by mid-october.

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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.

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.

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