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Cardano Price Prediction: ADA poised to explode to $4.00

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  • Cardano price returns to bullish conditions, negating further sell-side control.
  • An imminent breakout to new all-time highs is likely.
  • There is little resistance ahead, but bulls should remain cautious.

Cardano’s price has failed to capitalize on the movement generated by other nearby cryptocurrencies, such as Bitcoin and Ethereum. As a result, very tight and challenging trading ranges have been the norm for Cardano, but that may soon change.

Cardano

MetaNews.

Cardano price points to a breakout above $2.45.

Cardano price has a very bullish setup in its $0.05 / 3 box reversal point and figure chart. Three things happen simultaneously if a new X column forms and hits the $2.45 entry. First, a double top is broken, confirming an entry signal. Second, the entry confirms a complete bearish point-and-trap pattern. Lastly, entry at $2.45 represents a break above the dominant bear market trend.

Cardano’s breakout could signal a new bullish expansion phase. In point and figure analysis, the initial breakout target is based on the horizontal profit target method. With this, $4.05 is the initial range and would be a new all-time high.

Nevertheless, current trading conditions are bearish. As a result, Cardano’s price must remain above $2.05. If it fails to hold this level as support, it is likely to fall back to the $1.80 range.

There may also be some resistance near the previous high and the high volume node at $2.80. While the breakout momentum may make any near-term resistance moot, $2.80 has been a source of trouble for Cardano, and it would not be surprising if it provides some resistance going forward.

  • Cardano price returns to bullish conditions, negating further sell-side control.
  • An imminent breakout to new all-time highs is likely.
  • There is little resistance ahead, but bulls should remain cautious.

Cardano’s price has failed to capitalize on the movement generated by other nearby cryptocurrencies, such as Bitcoin and Ethereum. As a result, very tight and challenging trading ranges have been the norm for Cardano, but that may soon change.

Cardano

MetaNews.

Cardano price points to a breakout above $2.45.

Cardano price has a very bullish setup in its $0.05 / 3 box reversal point and figure chart. Three things happen simultaneously if a new X column forms and hits the $2.45 entry. First, a double top is broken, confirming an entry signal. Second, the entry confirms a complete bearish point-and-trap pattern. Lastly, entry at $2.45 represents a break above the dominant bear market trend.

Cardano’s breakout could signal a new bullish expansion phase. In point and figure analysis, the initial breakout target is based on the horizontal profit target method. With this, $4.05 is the initial range and would be a new all-time high.

Nevertheless, current trading conditions are bearish. As a result, Cardano’s price must remain above $2.05. If it fails to hold this level as support, it is likely to fall back to the $1.80 range.

There may also be some resistance near the previous high and the high volume node at $2.80. While the breakout momentum may make any near-term resistance moot, $2.80 has been a source of trouble for Cardano, and it would not be surprising if it provides some resistance going forward.

Ahead of its smart contracts launch on September 12, Cardano set a new ATH amid high expectations and high volumes. Altcoins, however, lost about 20% a week before their launches and did not see any major gains after their launches.

The cryptocurrency’s price has fallen ever since. In light of this trend, DOT may well follow the same path.

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Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
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