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Cardano Price Rally Slows Down, Yet The ADA Price Could Hit $3

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The Cardano price had showcased immense strength in the past trading day, as it successfully climbed above $2.5. Woefully, the bear quickly get into action and dragged the price close to $2.4. Moreover, the price was feared to enter again the parallel consolidation channel, yet it appears delayed but not ruled out. 

The ADA price appears to have lowered its pace to some extent as the asset is struggling to regain $2.5 levels. Yet the price still flowing along with its trend line above the strong support levels. An analyst still believes a temporary retracement could be fast approaching. Analyst ForcastCity_ME still believes the price could hit above $3 before the end of this month. 

Also Read: Cardano’s Big Partnerships Underway, Will It Fuel ADA Price to Hit $10?

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As per the chat posted by the analyst, there could be 2 possibilities for the upcoming ADA price movements. Either the price dips down below $2 to hit lower levels at $1.8. Or the price keeps surging until it clears all the 5 profit levels. Starting at $2.58, $2.79, $2.95, $3.10 and finally at $3.255. 

Moreover, the analyst believes the price is in a range bound and at the beginning of an uptrend. The price is below the 21-day weekly EMA, which is acting as a dynamic resistance. The RSI is also testing the trend line and a notable bounce could be on cards. The MACD also points out the diminishing selling pressure that could enhance the buying soon. 

Also Read: What’s Awaited For Bitcoin, Ethereum & Cardano Price In The Next Few Hours?

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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