Cardano Price Forecast - Is ADA About to Breakout Toward $1?
After an amazing rise to its all-time high of $3.09 slightly over a year ago, the Cardano price is still mired in the murky waters of the crypto winter. A 90% correction from ADA's historical high could soon be reported if the current retracement at $0.34 continues.
Strong support in the range highlighted between $0.288 and $0.331 might sweep in and prevent a potential massacre to $0.20. Even though such a move would be a significant setback, it is unlikely to occur, especially given that ADA has developed into a notable cryptocurrency ecosystem since August last year when it was priced at $3.09.
On the bright side, Cardano is closer to its floor price now than ever since the rains started beating the crypto market in November 2021. Furthermore, the extremely oversold conditions the smart contracts token deals with negates the idea of a continued retracement.
That said, Cardano price prediction might not be as outlandish as everyone would hope, yet it could certainly make close the gap to $1 before December 31, 2022.
Cardano Price Prediction
The IOHK (Input Output Hongkong), the organization that is tasked with building and maintaining the Cardano blockchain, has been busy working on what could be termed revolutionary DeFi (decentralized finance) tech solutions.
ADA price could start regaining the ground to $1.00 as the community warms up to the Cardano Summit 2022, to be held in Brisbane, Australia. According to a recent Twitter communication, this will occur between 19 and 21 November.
Aside from interacting and learning from community members, the Cardano Summit will focus on local projects building 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 price is expected. Therefore, it is recommended that bulls not lose sight of a potential recovery to $1.00, notwithstanding the bleeding at $0.34.
Cardano price forecast to $1.00 may be considered rather conservative, keeping in mind the token rallied 2,300% from $0.12 in July 2020 to $3.09 in August 2021. Such a run-up from the current price will place ADA price slightly above $8.00.
It is important to note that the present bear market conditions may hinder Cardano price movement in the near future. However, ADA might be able to reach its all-time high during the next bull run.
According to Dan Gambardella, an analyst and a Cardano bull, ADA generates much interest from the larger cryptocurrency industry. He reckons that the token "is going to be a dominant blue-chip asset" Gambardella believes that the ongoing bear market run is necessary for the next bull season.
Nevertheless, Gambardello admits that investors are scared – and are abandoning projects, especially Cardano, oblivious of how close they are to the finish line.
Cardano price continues to print bear candles on the 3-day chart. Support between $0.288 and $0.331 must hold for ADA to flip its technical outlook positively. A breakout from the rectangle pattern on the same chart has been exhausted.
In other words, a bullish trend reversal could be in the offing. Usually, a breakout similar to the rectangle's width completes the leg down from the breakout point.
ADA/USD 3-day chart
Cardano price still faces extremely oversold conditions based on the position of the Stochastic oscillator. The OBV (On Balance Volume) will start climbing as the oscillator lifts above 20.00. A bullish divergence from the Stochastic will be necessary to ascertain the validity of the uptrend. Traders should consider taking profits as Cardano price recovers. The possible exit and entry positions.
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