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Elevenews

10/30/2021

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Cardano price to retest 200-DMA at $1.80 as ADA bulls lose conviction

Cardano’s path of least resistance appears to the downside. ADA price eyes $1.80 again, as $2 offers stiff resistance to the bulls. Symmetrical triangle breakdown remains in play amid bearish RSI. In an attempt to flip rival Ethereum, Cardano Foundation...

Cardano price to retest 200-DMA at $1.80 as ADA bulls lose conviction
  • Cardano price slips to bottom support of $2, the heavy correction could ignite a monstrous bull run. 
  • While the ADA price moved sideways, staked ADA has jumped to 72%.

While the rest of the crypto space has been making their headway to new milestones, Cardano price remained inert in the past two months. The altcoin has been in the tight spot against USD, since the start of the quarter. Finally, on Wednesday the altcoin has exhibited some volatility retesting the support at $1.8. The latest dump has become a point of discussion among the netizens.

Majority of the community is still hopeful on the vision of ADA. Meanwhile, several projects are lined up for the launch. Notably, PAB (Plutus Application Backend), Hydra Layer 2 Solution, Basho upgrade and POOP (Proof of Opinion Popularity). In addition, the platform has further urged the community to have decent expectations post the launch of Alonzo hard fork upgrade. 

Cardano’s PAB Upgrade Set to Launch in November!

As the token holders left perplexed with no significant profits over the past two months. In spite of  gains, altcoin has lost its position with Binance coin and Tether slipping to 5th position. On the other hand, the asset’s trading volume has drastically dropped to $66.5 billion. Yet the significant portion of the community is still bullish on ADA, hoping for the new upgrades.

The founder of Cardano community, Charles Hoskinson earlier this week notified that Plutus Application Backendwill be live on the mainnet by late October. The speculations around the market say that the upgrade is now postponed to November. Probably, once the upgrade goes live, the community is expecting the price to break out. 

On the other hand, the PAB integration will enable developers to build their DApps into a state of readiness and move them to the testnet before going live on mainnet. However, the team is currently working on the final integrations, and they’re hopeful to go live in November.  

Cardano Price Analysis: 

If we keenly look at Cardano’s price momentum since the start of the year, the asset still holds the probability to reach higher highs! After hovering around $0.06 for two years, the altcoin took a crucial leg up to $1.12 by early 2021. Later, the ADA price has consolidated around $1.18 for the next four months. In May, the price again surged by 100% reaching a high of $2.25. 

Moreover, prior to the launch of Alonzo hard-fork the price claimed a new ATH of $3.10 by late August. It appears the same pattern may replicate in the near term as the price has been hovering around $2.17 for the past two months. The price could go up to $5 in the short term, if it happens.

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