Cardano Ready To Make A Serious Move, ADA Price Aims At 20% Upswing!
The post Cardano Ready To Make A Serious Move, ADA Price Aims At 20% Upswing! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide After undergoing a substantial pullback, the crypto space is on the verge...
After undergoing a substantial pullback, the crypto space is on the verge to recover from the losses and regaining lost positions. Amid the bullish trend in the past couple of days, Cardano price also had broken from the prolonged consolidation. But with the fresh sell-off, the ADA price was speculated to re-enter the pattern. However, the rebound invalidated the downtrend keeping the hopes for a notable uptrend alive.
Cardano price appears to replicate a similar pattern it followed during the bull run during the first half of 2021. The asset after smashed its ATH around $2.5, suddenly dropped close to $1. Further, the asset bounced like a giant and rallied more than 200% to hit yet another ATH around $3.16. Currently, a similar jump could be on the cards as the consolidations are also alike.
Source: Tradingview
As mentioned in the above chart, the asset previously trended within the falling wedge and also possesses a similar trend currently. No doubt it attempted to break the pattern and rally towards the north, yet experienced a retest. However, the rally is still in place as after a small correction the price may escalate back towards the immediate resistance around $2.6.
Once, the rally breaks through these levels and sustains without plunging back, the ATH will not remain much distinct. Moreover, the Cardano price may also range much higher than $3.16 in order to hit the predicted target at $4 initially. However, ADA price may also hit $5 with any positive updates within the ecosystem.
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.
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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