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Cardano price could reach $8 if this accumulation fractal plays out

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  • Cardano price has been accumulating for over a month now, hinting that a volatile move is incoming.
  • This accumulation phase seems similar to the one seen between November 18, 2020, and January 5, 2021.
  • ADA could head to $8.40 even if a portion of the fractal plays out.

Cardano price has been teetering above a crucial support barrier for over a month and shows signs of coiling up. This congestion could resolve into a massive bullish breakout, pushing ADA to new all-time highs.

Here are two reasons for the optimism around Cardano and why it could hit $8 over the coming weeks.

Alonzo upgrade gives birth to dApps on Cardano blockchain

The much-awaited Alonzo upgrade was successfully implemented on September 12 via a hard fork. This improvement brings smart contracts and a plethora of possibilities to it, all of which were highly anticipated.

While Cardano is sometimes referred to as the so-called “Ethereum killer,” it never possessed any capabilities that allowed it to play on the same field. However, developers can now start building dApps, decentralized exchanges (DEX) and algorithmic stablecoins, which could evolve into a DeFi ecosystem similar to Ethereum. 

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This development is possible because of the Alonzo upgrade, which has firmly implemented the core building blocks. Moreover, thousands of developers are already taking part in the Plutus Pioneer course, which will allow them to build a new ecosystem on Cardano.

An example of this is ADALend, a lending platform built on the ADA blockchain that will facilitate the “new wave of flexible financial markets by serving as a foundational layer for instant loan approval, automated collateral trustless custody and liquidity.”

Similarly, PlutuSwap Platform is ready to launch its automated market maker (AMM), a decentralized exchange (DEX), on the Cardano platform. It aims to set a standard for the ADA DeFi ecosystem, be it UI/UX friendliness or the simplicity and reliability of the Cardano blockchain.

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The announcement further reads,

When fully operational, PlutuSwap.com will be a decentralized exchange based on the Extended Automated Market Maker (EAMM) protocol and powered by the Cardano Blockchain Infrastructure’s UTXO mechanism.

While this is just the beginning, the burgeoning ecosystem will attract more users to the Cardano blockchain, improving its prospects and bringing in tons of capital.

Regardless of the technical setups, if the fundamentals of an asset are strong, the price will find a way to cut through the noise and surge higher. ADA, however, displays an accumulation fractal that could propel it to new all-time highs with its recent upgrade acting as a tailwind.

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Cardano price accumulation fractal hints at a massive upswing

Cardano price accumulated for roughly 38 days between late November 2020 and early January 2021, which was followed by a 600% bull run. This run-up pushed ADA to $1.20 from $0.10.

Cardano price has entered another consolidation phase since mid-August that looks similar to the one mentioned above. If a similar structure continues to unfold and ADA breaks out from the congestion, it will trigger an exponential rally. 

However, the confirmation of this run-up will arrive after Cardano price produces a decisive close above its all-time high at $3.10.

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Assuming ADA can replicate one-fourth of the 2021 run-up, i.e., a 150% advance would forecast a $6 target.

A 300% upswing would push Cardano price through the 261.8% Fibonacci extension level at $8.41 and place the so-called “Ethereum-killer” at $9.50 per token.

ADA/USDT 12-hour, 9-hour chart

ADA/USDT 12-hour, 9-hour chart

While optimism around Cardano price seems logical after the recent Alonzo upgrade, things could turn awry quickly if the big crypto decides to tank. If Bitcoin price begins to crash violently as it did on September 7 or May 19, it would push all the altcoins to do the same.

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If ADA slices below the range low at $1.68, it would set up a lower low and invalidate the bullish thesis. While recovery from this downturn is plausible, a massive shake-out would scare the investors away and delay the upswing.

In this case, ADA could drop to the next support floor at $1.50 and the July 20 swing low at $1.

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Cardano (ADA), XRP Price Could Retest These Levels Before Skyrocketing!

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  • XRP could possibly hit highs of around $1.2. Extreme sell-offs would plummet XRP below $1.
  • ADA might hit its resistance around $2.4 but could test its support levels before the uptrend.

  The crypto space has been a rough sail for altcoins such as XRP and ADA. However, the coins have managed to withstand strong and gusty winds. Meanwhile, investors and traders are eagerly waiting for a pull-out from the blues.

XRP Price

XRP at press time is trading at $1.09, with negative gains for the last 24-hours at 1.1%. The market cap stands at $51,193,598,011. While the trading volume for the last 24-hours hovers around $3,742,571,734. 

XRP has been moving along the descending triangle. A triple top formation is visible on the charts. The coin has attempted to break through each time and has failed to keep up the momentum. 

The digital asset has been moving along a narrow range. If it breaks out the triangle, we can expect it to reach its resistance at $1.2. On the contrary, XRP would move across the narrow range. However, extreme sell-offs would result in XRP plummeting below $1.

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Cardano (ADA)

Cardano, the top-tier altcoin at press time is trading at $2.16 with negative gains at 1.1% for the last 24-hours. While the market cap is at $69,172,092,701. The trading volume for round the clock floats around $1,749,372,395. ADA has not let its foot lose at its level of  $2.0, despite the crash. However, massive sell-offs might result in ADA plunging to its strong support levels. Prior to rebounding to its resistance around $2.4

Collectively, XRP and ADA could propel towards their respective resistance levels in near future. And hopefully, bullish momentum could follow with the commencement of the alt season. Netizens are expecting a massive rally to follow, as it has been due for a brief period of time. 

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Cardano Price Analysis: ADA bulls and bears remain within a tight spot at $2.15

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  • Cardano price analysis is bullish today.
  • ADA/USD set a lower low overnight.
  • Cardano is likely to regain some of the loss today.

Cardano price analysis is now bullish, with a new lower low being established after a solid decline over the previous 24 hours. As a result, we expect ADA/USD to recover some of its loss later today as bears become weary.Cardano Price Analysis: ADA bulls and bears remain within a tight spot at $2.15 1 Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum both traded in the red, with a loss of 2.88 and 2.99 percent, respectively. Meanwhile, Solana and VeChain (VET) dominate the market, with a gain of around 7.5 percent.

Cardano price movement in the last 24 hours: Cardano spikes below $2.15 previous low

During the last day, the ADA/USD pair fluctuated from a low of $2.13 to a high of $2.164, suggesting significant swings throughout that period. Volatility has increased by 27 percent, trading volume has increased by 27.43 percent and totaled $2.78 billion as of this writing, putting the coin in third place overall.

ADA/USD 4-hour chart: ADA set to reverse today?

On the daily chart, we can see Cardano’s price drop beginning to reverse as bears run out of steam after a significant fall.Cardano Price Analysis: ADA bulls and bears remain within a tight spot at $2.15 2ADA/USD 4-hour chart. Source: TradingView

Cardano’s price has remained stagnant for the previous several weeks. Cardano saw consolidation in a tighter range, with a lower peak at $2.30 near the start of October, after establishing a high low of $2.30 in early October.

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The next higher high of $2.30 was followed by a lower low set during the subsequent retracement, which was below $2.15. As a result, the overall trend for ADA/USD is still unclear.

We may see Cardano’s price recover some of its losses in the coming days. If a lower high is broken, we can anticipate bearish momentum to continue into next week.

Cardano Price Analysis: Conclusion 

Today’s Cardano price is in an upswing, according to most market forecasters. After a big drop, a new lower low was established today. Bearish momentum, on the other hand, has run its course, and we may expect a retracement in the next 24 hours.

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Cardano price hangs back as ADA bulls gather strength for 23% upswing

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  • Cardano price performance has been uneventful, as the token lagged behind while Bitcoin and Ethereum recorded new all-time highs.
  • ADA bulls appear to be struggling with the nearest obstacle at the 21 twelve-hour SMA.
  • Only a slice above $2.24 would put the 23% rally on the radar. 

Cardano price continues to confuse forecasts ADA teeters between two clearly defined technical levels. Until the Ethereum-killer can overcome the two key areas of resistance, the token can expect a 23% climb toward $2.73. 

Cardano bulls ready to tackle next obstacles

Cardano price presents a lack of clear directional bias as it continues to be sealed within a symmetrical triangle pattern on the 12-hour chart. Despite the recent uptick seen in the cryptocurrency market, witnessing Bitcoin and Ether reach new all-time highs, ADA lagged behind.

It appears that Cardano price is gearing up to tackle obstacles, despite the overwhelming strength of the resistances that are currently intimidating the bulls. The first hurdle for ADA is at the 21 twelve-hour Simple Moving Average (SMA) at $2.16. If the Ethereum-killer manages to slice above this level, the next headwind will emerge at the 23.6% Fibonacci retracement level, coinciding with the 50 twelve-hour SMA at $2.19.

According to the IntotheBlock’s In/Out of Money Around Price (IOMAP), the aforementioned level of resistance would be a challenging level to crack for the bulls, given that it is the largest cluster recorded by the technical metric, as 226,650 addresses purchased 7.82 billion ADA at an average price of $2.19.

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ADAUSDT

ADA IOMAP

If the buyers manage to slice above this stiff hurdle, would see Cardano price tag the upper boundary of the prevailing chart pattern at $2.24. Breaking above the topside trend line of the triangle would put the 23% climb on the radar for ADA, as the bulls attempt to reach for $2.73. 

ADAUSDT

ADA/USDT 12-hour chart

The bulls’ journey toward the optimistic target would still be tricky, as a resistance line given by the Momentum Reversal Indicator (MRI) has appeared at $2.30, which sits near the 100 twelve-hour SMA acting as a heavy headwind for Cardano price. ADA would also need to clear the $2.36, $2.50 and $2.64, corresponding to the 38.2%, 50% and 61.8% Fibonacci retracement levels, respectively, before reaching the projected target given by the chart pattern.

However, if a spike in sell orders occurs, Cardano price may fall toward the lower boundary of the symmetrical triangle at $2.10 to retest the trend line as support. If this level fails to hold, the bullish outlook may be ruined as ADA may drop toward the 200 twelve-hour SMA at $2.07 and at the same time put a bearish target of a 23% decline at $1.62 on the radar for the Ethereum-killer.

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