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Cardano targets $3.00 after two-month losing streak

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  • Cardano´s price seems to be reversing its massive downtrend within a bull market after being stuck in it for weeks.
  • Things are looking up for ADA as it dips into the daily demand zone and forms a triple bottom pattern.
  • A daily close below $1.71 will invalidate the bullish thesis.

Cardano price experienced nine consecutive weeks of downtrend after reaching a new all-time high on September 2. However, things are looking up for ADA due to two technicals that suggest a bullish outlook.

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Cardano’s price promises to rise further

From an all-time high of $3.10 to a recent low of $1.775, Cardano’s price has dropped about 42%. This dip occurs as the bitcoin market as a whole is rallying. While this may be discouraging to ADA holders, things are beginning to look up as two bullish indications for Cardano’s price have emerged.

The price of Cardano appears to be bottoming out, with its movements resembling a rounded floor. Furthermore, ADA has established a triple-floor turning pattern, which frequently results in a big surge following the previous low. The recent plunge into the demand zone on the 12-hour chart, which ranges from $1.73 to $1.87, is adding fuel to this pattern.

Cardano’s price is projected to skyrocket

It is expected that Cardano’s price will rise dramatically, however it may take a long time to reach its all-time high of $3.10. Investors should keep in mind that ADA will find significant resistance at $2.30 and $2.53. Which must be overcome in order for the stock to reach its ultimate goal.

While the Cardano price is strengthening, a breach below the $1.73 to $1.87 demand zone may signal a pessimistic outlook for ADA. The bullish thesis will be invalidated if the price closes below $1.73 on a daily basis. This move also raises the risk of another dip to $1.58, which is the immediate support level.

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Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
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