Cardano price has bottomed a couple of times below $2 in the current trading month and quickly rebounded with a notable margin. Moreover, the price is following a steady growth for a couple of days which uplifted the price above $2.2. Despite a slight pullback since the early trading hours, yet the ADA price could rise above the levels in the coming days.
Currently, ADA price has been inside a short-term descending channel since it smashed its highs on 02 September. The price has broken 50-day MA but standing strong above the 100-day MA. Moreover, it has formed a cup and handle pattern which it had formed a couple of times in the recent past.
Also Read: Will Cardano’s Masterstroke Will Keep It Out Of SEC’s Radar?
Previously, when the price chart had formed the cup and handle pattern, the price was much above the 50-day and 200-day MA. And further, the crypto space witnessed a gigantic rally that reached new highs. But the only difference was, the price was above both the moving averages. And hence to undergo another rally, the ADA price needs to rise above 50-day MA.
Collectively, many are eagerly waiting for the upcoming Cardano Summit this weekend and are very anxious to discover the announcements. Moreover, the partnerships with various ecosystems and the swelling smart contract platform could aid the rally. And this could be the time when the ADA price can pick up the momentum to surge beyond $3.
Also Read: Polkadot, Kusama, COTI, and Cardano Proves to be a Good Long Term Investment!
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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