Cardano after a notable uptrend above $3 adopted a sideways trend for a very prolonged period. And hence, the price was speculated to be stagnant or to be more specific, dead, showcases signs of a major flip ahead. The upcoming rally could lead ADA price towards the immediate target at its ATH initially. 

As the crypto space geared up with the Bitcoin price raising ahead of $60,000, many altcoins followed. However, ADA prices remained away from the crowd by maintaining a narrow trend. And therefore lost its position in the top 3 crypto assets based on the market cap. Yet the traders appear to have not lost their interest in the asset. 

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According to the data from the On-chain analytic platform, Santiment, despite the asset slipping to 4th position, traders continue to long their positions. It could also signify the altcoin momentum gearing up against Bitcoin. 

Cardano Price Analysis

Cardano price after smashing its highs in early September continued swinging within a symmetrical triangle. After numerous pumps and dumps, the asset is finally on the verge to explode by breaking the pattern. 

cardanopriceSource: Tradingview

As the price explodes after breaking the pattern, it appears poised to smash the immediate resistance level that resides around the ATH. However, once the asset trends are in the discovery phase, reaching new highs could be on the cards. According to an analyst, the asset could reach $8 in the near future. But smashing $5 appears imminent for the ADA price.

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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.

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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.