Cardano is the sixth-largest cryptocurrency in the world. It has enjoyed a strong couple of months. It touched a record high of almost $3 back in September and is currently worth around $1.8.
It used much of 2021 well under the $2 mark and almost slid below $1 in June.
Cardano price is holding to the rounded bottom development as it continues to scale higher slowly.
The current run-up looks to have come undone, but the bullish thesis remains intact, and investors can assume ADA to proceed with its uptrend.
Cardano Price Ready For a Bullish Attack
Cardano price changed its nine-week downtrend after setting up a bottom on October 27.
This transit showed the beginning of an uptrend and a possible rounded bottom formation in working.
Cardano’s price surged 22% between November 6 and November 9, then after holding the $2.30 resistance barrier, ADA dropped back to retest the demand zone, varying from $1.72 to $1.81.
From now on, investors can foresee Cardano’s price continuing its rise. This time, however, ADA is likely to breach the $2.30 barrier and make a run for the $2.53 obstacle, roughly 22% away from the current price.
This minor upswing is likely to encounter a pullback after revisiting the $2.53 barrier.
However, if Cardano’s value flips it into a support floor, investors can assume the so-called “Ethereum-killer” to make way for $2.82.
Furthermore, ADA could even retest the all-time high at $3.10, forming a 50% ascent.
While things are looking up for Cardano’s price, a retest of the $1.72 to $1.81 demand barrier will minimize it.
If ADA enters through this barrier and produces a daily close below $1.72, it will revoke the bullish thesis by making a lower low.
In this circumstance, Cardano price could travel lower and retest the $1.58 support level
Cardano Price Prediction As on 17th November 2021
At the time of writing on November 17, Cardano’s price was $1.83 with a 24-hour trading volume of $3,310,057,927.
Cardano is down 7.22% in the last 24 hours. The current CoinMarketCap ranking is #6, with a live market cap of $60,895,947,878 USD. It has a circulating supply of 33.31B ADA coins and a max. supply of 45,000,000,000 ADA coins.
Some Analysts Prediction
For the longer term, the Cardano (ADA/USD) projection from Wallet Investor was more bullish, foretelling that the average price could touch $2.483 by the end of 2021, rise to $4.837 by the end of 2022 and by the end of 2025 hit $11.883.
The Cardano coin price prediction from DigitalCoin predicted that the price could average $3.63 in 2022, up from $2.93 in 2021, and climb to an average of $5.86 in 2025. It foretold that by 2028, the coin could average $8.79.
PricePrediction was more bullish than Wallet Investor and DigitalCoin, considering that the token’s price could average $9.26 in 2025, up from $3.08 in 2022, and touch $64.77 by 2030.
It’s essential to remember that cryptocurrency markets remain highly unpredictable, making it difficult to predict a coin’s price in a few hours correctly. It can be difficult to predict cryptocurrency trends, as they can drop the value as soon as they rise.
We advise that you always do your own research and analyze the latest market trends, news, technical and fundamental analysis, and expert evaluation before making any investment. And never spend more than you can afford to lose.