Even With The Bearish Trend, Cardano (ADA) Price Aims To Go Parabolic!

The top 10 crypto assets are currently plunging with huge numbers, while some are attempting hard to regain their lost positions. And Cardano price is one among them which has just begun to flip from the bears. With the building bullish momentum, the ADA price could go parabolic to surge above $2 in the short term. However, with an extended uptrend, the possibility of hitting $3 could also be very high.

In the times when Bitcoin and Ethereum, both are managing to sustain within the uptrend, Cardano price initiated flipping the bears. The asset as it remained more or less stagnant for a pretty long time, such a movement emerged just out of the box. Moreover, the platform witnessed an influx of huge liquidity as the trading volume is currently more than $2 billion with a surge of nearly 25%. And hence as per a popular analyst, the price is going parabolic and may end up smashing $3 very soon.

As per the chart put up by the analyst, the asset is due for a massive bounce. Previously, when the asset touched the 200-day MA support levels, it flipped with a notable margin. Further going parabolic the price marched high towards its ATH above $3. However, a similar scenario is occurring currently that also could result in the price going parabolic.

Collectively, Cardano is expected to reverse the consolidation towards the north very soon as the traders appear to have barged in. Moreover, the ADA price rally previously ranged high when other popular cryptos maintained a silent trend. And hence a similar rally could replicate as most of the assets are still attempting to sustain the trembled situation.

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.