Cardano Price Forecast – Is ADA About to Break Out Towards $1?
After an incredible rise to an all-time high of $3.09 just over a year ago, the Cardano price is still stuck in the murky waters of crypto winter. A 90% correction from ADA’s all-time high could be reported soon if the current $0.34 retracement continues.
Strong support in the area highlighted between $0.288 and $0.331 could sweep in and prevent a potential massacre at $0.20. While such a move would be a significant setback, it is unlikely to happen, especially given that ADA has developed into a notable cryptocurrency ecosystem since last August when it was priced at $3.09.
On the bright side, Cardano is closer to the floor price now than at any time since the rain started to hit the crypto market in November 2021. Additionally, the extremely oversold conditions that the smart contract symbol is dealing with negate the idea of a continued retracement.
That said, the Cardano price prediction may not be as outlandish as everyone would hope, but it could certainly close the gap to $1 before December 31, 2022.
Cardano price prediction
IOHK (Input Output Hongkong), the organization tasked with building and maintaining the Cardano blockchain, has been busy working on what can be called revolutionary DeFi (decentralized finance) technological solutions.
The ADA price may begin to regain ground to $1.00 as the community warms up to Cardano Summit 2022, to be held in Brisbane, Australia. According to a recent Twitter communication, this will happen between 19 and 21 November.
Apart from interacting and learning from community members, the Cardano Summit will focus on local projects that build on the protocol. Members will have an opportunity to showcase their NFT artwork.
With the event mainly focused on ADA and its ecosystem, a positive impact on the award is expected. Therefore, bulls are advised not to lose sight of a potential recovery to $1.00, despite the bleeding at $0.34.
Cardano price forecast at $1.00 can be considered quite conservative, considering that the token rose 2300% from $0.12 in July 2020 to $3.09 in August 2021. Such an increase from today’s price would place the ADA price just over $8 ,00.
It is important to note that the current bear market conditions may hinder Cardano price movements in the near future. However, ADA may be able to reach its all-time high during the next bull run.
According to Dan Gambardella, an analyst and a Cardano bull, ADA is generating a lot of interest from the larger cryptocurrency industry. He reckons the token is “going to be a dominant blue-chip asset” Gambardella believes the ongoing bear market is necessary for the next bull season.
Still, Gambardello admits that investors are scared – and abandoning projects, especially Cardano, without knowing how close they are to the finish line.
Cardano price continues to press bearish on the 3-day chart. Support between $0.288 and $0.331 must hold for ADA to turn its technical outlook positive. A breakout from the rectangle pattern on the same chart is exhausted.
In other words, a bullish trend reversal could be on the way. Usually, a breakout similar to the width of the rectangle completes the leg down from the breakout point.
The Cardano price is still facing extremely oversold conditions based on the position of the stochastic oscillator. OBV (On Balance Volume) will start climbing when the oscillator lifts above 20:00. A bullish divergence from the Stochastic will be necessary to establish the validity of the uptrend. Traders should consider taking profits when the Cardano price recovers. The possible exit and entry positions.
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