Logo
Cardano Ecosystem

CryptoTicker

08/04/2021

·

1.2K views


Cardano price reaching $3 might be INEVITABLE…Here’s why

The cryptocurrency market finally managed to get out of its consolidation. After an extended bearish sentiment, the past week made way for crypto buyers to push prices upwards. Despite the average +20% performances of most cryptos, Cardano made lower...

Cardano price reaching $3 might be INEVITABLE…Here’s why

The cryptocurrency market finally managed to get out of its consolidation. After an extended bearish sentiment, the past week made way for crypto buyers to push prices upwards. Despite the average +20% performances of most cryptos, Cardano made lower than average returns and averaged a 10% increase in prices. The Alonzo improvement is soon to happen, but will it roll out successfully? How will Cardano prices get affected? Can Cardano reach USD 3?

Cardano (ADA) is lagging compared to other Altcoins

Although prices of ADA did increase in the past week, prices did not boom as much as other cryptocurrencies. Instead of having strong spikes in prices, ADA’s price action was mature and showed a steady uptrend. On the other hand, this behavior saved ADA, as other cryptocurrencies that spiked like Bitcoin witnessed a price correction. Despite the adjusting crypto market, Cardano prices remained high. Currently, ADA prices are around USD 1.3 and on an uptrend.

If we look closely at figure 1, we can clearly see the strong psychological support level of 1$. Prices rebounded every time they approached this area. The last time prices hovered on that price was towards the end of July 2021. It was a clear trade setup for most crypto traders, and this is exactly how trades should be set up.

ADA/USD 1-day chart showing the latest uptrend of Cardano - Can Cardano reach 3$?Fig.1 ADA/USD 1-day chart showing the latest uptrend of Cardano – TradingView

Cardano Price Prediction – Can Cardano reach USD 3?

It is hard to predict whether can Cardano reach USD 3, especially with the latest development in its infrastructure and blockchain. But looking at ADA’s previous price-action, we can definitely make an educated guess. From a technical perspective, and based on what happened before, prices need to breach the strong resistance area of USD 1.46 and stay well above that area.

On the other hand, it is vital for the entire cryptocurrency market to be in good shape. This would give a healthy entry for buyers, especially for traders who are sitting on the sidelines, waiting for good fundamentals to swap from their altcoins.

For Cardano price to reach 3$, ADA price should breach 1.46$ firstFig.2 ADA/USD 4-hours chart showing an important resistance level – TradingView

Cardano Trade Setup

If you want to place a trade on Cardano (ADA), you can do the below trade setup:

  • Entry: USD 1.33
  • Take-profit: USD 1.46
  • Stop-loss: USD 1.25
  • Risk/Reward ratio: 2.5

Stay Ahead, Stay Updated
Rudy Fares



You might also like


More from Altcoin

NO MORE FISH Tokens! Here’s what you need to know about Polycat’s NEW AMM

Polycat's FISH token reached its maximum supply! What's next for Polycat DeFi? What new features will they introduce next?

Instant Crypto Swap – How to INSTANTLY Profit from Booming Cryptos

In this article, we'll talk about what is Crypto Swapping, and how to swap on Instaswap, one of our favorite …

Uniswap Front End “Delisting” Of Problematic Tokens Highlights Centralization Dangers

Uniswap sparked a new debate about decentralization after it delisted a couple of assets or tokens from it's front end …

This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)

Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Please also note our Non-liability disclaimer.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on CryptoTicker

ORIGINAL SOURCE

https://cryptoticker.io/en/cardano-price...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from CryptoTicker

See more
Cardano Price Prediction: Cardano and OpenAI to Team UP and ADA to 1$?
CryptoTicker
Cardano Price Prediction: Cardano and OpenAI to Team UP and ADA to 1$?

11/24/2023

·

90 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)