The price of Cardano has remained stagnant for close to seven weeks. Since 50-trading days, ADA experienced light dips before their 24-hours opening trade.
Cardano has found resistance levels of $2.10 despite the cryptocurrency market sending mixed signals. ADA held on to the same position for more than seven weeks. While other cryptos saw massive dips, ADA gave investors an opportunity to take entry position before the next bull run.
Cardano Price Prediction
The price of Cardano has frustratingly remained the same. However, the coin is currently in its accumulation mode and could possibly see a break-out. In comparison, its competitors- PolkaDot, ChainLink and Luna have broken out from its price and spiked up close to 10% in the day’s trade.
ADA at present is in the ‘correction mode’ and its ‘death zone’ is expected to come to an end. Though the coin has not dipped or risen drastically, its been trading ‘sideways’ and that’s an indicator that the coin could propel in price.
All Eyes on the Next Bull Run
In the next bull run, Cardano is expected to breach the $4 mark, after its consolidation comes to an end in the present $2.10 period. Once ADA crosses the $2.40 mark, the positive market conditions and bullish sentiments will make its price to move upward.
The Bull Trap
In addition, charts indicate that once Cardano reaches the $4 mark, it could possibly be a bull trap. The price is expected to dip to the same $2.10 to $2.40 levels when the market corrects itself.
It is wise to sell the holdings when ADA reaches $4 and re-buy when it reaches between $2.10 to $2.40 to enjoy another round of profits. However, if investors are in it for the long term, it is not wise to sell their portfolio.
Dip In Price
It’s no surprise that the cryptocurrency market works both ways- up and down. If ADA fails to hold on to its resistance levels of $2.10 in the coming week, it could face a dip of $1.70 to $1.80.
The dip can be a ‘buy signal’ as ADA is available for a discount in price and any rise from here is always profits. Since a few months, Cardano has risen +55% and the coin has a lot to offer to investors.
Cardano at the time of publishing was trading at $2.13 and is down -1.93% in the 24-hours day trade. The coin is also experiencing buying pressure that can propel its price in the coming weeks.
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