Cardano prices experienced a heavy dump. Despite most cryptocurrencies crashing, ADA tokens reached a yearly low. With the market consolidating and even recovering, there is renewed hope for Cardano prices to go back higher again. Will Cardano reach 1 $ again soon? What’s going to happen to ADA prices? Let’s analyze!
What is Cardano ADA?
Cardano is a blockchain network characterized by technical excellence and a scientific approach. It was founded by Ethereum co-founder Charles Hoskinson and looks forward to being further developed by scientists. The team of developers examines the weaknesses of other blockchains according to scientific standards and further develops its own blockchain according to evidence-based standards. Cardano uses the effective Proof-of-Stake consensus mechanism and is characterized by a combination of scalability, security, and decentralization. Cardano’s network token is the ADA. The ADA can be bought and used for staking in the Cardano network.
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Cardano price broke major resistance – What happened?
The Cardano price has been able to form a trend line in the last few days and weeks, which has constantly caused prices to fall. This trendline was broken today, which is why the near future looks quite bullish for the Cardano price . Normally, once a trendline breaks, a new uptrend is formed to either correct the recent decline or to continue an overriding uptrend. In that case, Cardano price would correct the descent by forming a sub-uptrend. Using the uptrend, we could see a price increase of around 25%.
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Cardano Price Prediction – Will Cardano reach 1 $ again?
When the overall crypto market goes back on its bullish trend, Cardano prices should break the strong psychological price of 1$ and continue higher. On the other hand, since the crypto market is still in consolidation mode, there are important targets that ADA needs to reach first.
Since the Cardano price bullishly broke the trendline, the price has formed a support trendline. This trend line could support Cardano price to reach the $0.69 target. That is where the next resistance is located, which is why we view $0.69 as the first target. The GoldenPocket of the last major move down is also near $0.69. This is at $0.71, so we expect the price to rally to at least $0.69. A rally to around $0.71 cannot be ruled out. However, we would not assume higher prices for the time being. As soon as there are new signs that could lead to even higher prices, we will publish a new Cardano forecast.
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Source: https://cryptoticker.io/en/cardano-broke-resistance-cardano-reach-1/