Crypto prices are still fluctuating, at least when it comes to Ethereum-based rivals. Cardano (ADA) is not doing well.
Ethereum’s most expensive rival is facing some rough times. Cardano (ADA) has been trading in a downtrend for an extended period, with prices down more than 40% in the crypto market.
The market may be slowing down, but there are still opportunities out on the table if you know what to look at. The recent drop in Cardano’s (ADA) prices has caused panic among some members due to fears about what might happen if things go downhill further.
ADA has been on a wild ride lately, with other cryptocurrencies taking its downtrend as an opportunity to perform strongly. But is it worth all the hype?
Cardano (ADA) Price Prediction
Cardano’s price is anticipated to rally toward $3 and potentially higher. The token could soon be listed on Europe’s largest cryptocurrency exchange, which has immense potential for more investors in the market as it becomes more accessible worldwide.
Additionally, this week there are expected updates from the Cardano development team that may cause a rise in ADA prices.
Analyst Gertvan Lagen has analyzed the Cardano price trend and found that ADA is currently in a 1-2 correction of an upward 4-5 wave cycle. If this decline continues, it could lead to even lower prices for Cardano.
Besides this, This week, ADA has formed a falling wedge pattern on its daily chart, suggesting that ADA could be about ready for some significant price action soon.
According to FxStreet,
“The optimistic chart pattern suggests a 35% rally for Cardano price toward $2.90 if it manages to slice above the upper boundary of the technical pattern. Additional buying pressure could even see ADA challenge its all-time high at $3.09.”
“If Cardano price manages to tag the upper boundary of the falling wedge, coinciding with the November 11 high at $2.14, the bullish target of a 35% ascent toward $2.90 could then be on the radar.”
Furthermore, Crypto Proponent predicts that ADA prices could reach $4.5, which would be an increase of about 200%. However, $2.10 is still a vital threshold that must be crossed if we want this coin’s run towards its target of reaching around 4 dollars or higher.