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Cardano Price Prediction: ADA bulls saved by historical $1.89 support level

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  • Cardano price shed 21% of its value this week. 
  • Bulls stepped in to stop the price correction, using a critical historical level from May 9.
  • Price action in ADA looks to have flipped to the upside with a possible 16% profit return.

Cardano (ADA) price has been on a downward trajectory since the beginning of this week after ADA twice broke a supporting ascending trend line. With those two supportive elements so close to each other, sellers had two excellent entries to play out their short positions. Bulls now have caught the correction and are starting to squeeze out sellers as bears book profits on their shorts positions.

Cardano price is caught by bulls and stands to jump 16%

Cardano price in a concise time frame has broken two supporting elements that kept the bull-run in check. As buyers got washed out of their positions, sellers had the upper hand and could efficiently run prices in ADA down with a 21% correction as a result. Bulls, however, stepped in today and are starting to turn the trend as price action in Cardano is lifted from $1.89.

That orange horizontal line has already proven its importance in the past. Before the summer, the level acted as resistance and kept price action limited to the upside. Once after the break on August 13, the resistance factor switched to a support element and returned 68% to the bulls at one point. That level still holds as support, and ADA has been trading slightly higher since. 

ADA price looks to turn in favor of the bulls, and with global sentiment returning in favor of risk-on, expect more upside toward $2.30. After that, it starts to get tricky, with the green ascending trend line and the 55-day Simple Moving Average (SMA) acting as resistance. Bulls will have to overcome these two hurdles and need an external catalyst to break above these levels.

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ADA/USD daily chart

ADA/USD daily chart

That catalyst for a higher Cardano price can be the FOMC meeting later this evening. If Powell spells to the markets that financial conditions will not tighten too quickly and US growth has more free room to grow, investors will start buying more risk-on assets on sight. This will be a very favorable tailwind for cryptocurrencies in general and will push ADA price above $2.40.

Should some events take a turn for the worse, like a default in Evergrande or equity markets dipping after a hawkish tone from the FOMC, expect bulls to get squeezed out of their long positions, and sellers will go for a full-blown correction to $1.70, wiping out almost 40% of additional price action in Cardano. 

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Cardano

Cardano Can Reach $10 Says Crypto Capital Venture Founder

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  • Cardano (ADA) can go up to $10 according to CCV Founder Dan Gambardello.
  • Traders’ interest in the Cardano appears to be picking up.
  • More long positions for ADA are seen on the Binance exchange.

Crypto Capital Venture Founder Dan Gambardello has been supportive of Cardano (ADA) in his recent Tweets. Just last week, said that Gambardello said that Cardano (ADA) will explode again. Now, the Cardano bull tweeted more support for his favorite crypto asset.

Although he didn’t say that it will surely happen, Gambardello mentioned that it’s possible for Cardano to reach $10 eventually.

On the other hand, on-chain, social and fundamental insights site Santiment tweeted that there are many long positions on ADA in the Binance exchange. They also added that the movement is greater than usual.

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Meanwhile, Cardano Founder Charles Hoskinson, also recently addressed the crypto community to give updates on the Cardano project. According to Hoskinson, most of the concerns that he sees are on the topic of scalability. He said that the upcoming PAB launch will take care of this.

Hoskinson also expressed his delight in seeing the ecosystem alive and active. He mentioned that he is humbled by the fact that the demand for Cardano keeps on growing. Lastly, he thanked the community for its continued support.

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Cardano To Explode Very Soon, ADA Price Poised TO Hit $8 Soon!

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Cardano after a notable uptrend above $3 adopted a sideways trend for a very prolonged period. And hence, the price was speculated to be stagnant or to be more specific, dead, showcases signs of a major flip ahead. The upcoming rally could lead ADA price towards the immediate target at its ATH initially. 

As the crypto space geared up with the Bitcoin price raising ahead of $60,000, many altcoins followed. However, ADA prices remained away from the crowd by maintaining a narrow trend. And therefore lost its position in the top 3 crypto assets based on the market cap. Yet the traders appear to have not lost their interest in the asset. 

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According to the data from the On-chain analytic platform, Santiment, despite the asset slipping to 4th position, traders continue to long their positions. It could also signify the altcoin momentum gearing up against Bitcoin. 

Cardano Price Analysis

Cardano price after smashing its highs in early September continued swinging within a symmetrical triangle. After numerous pumps and dumps, the asset is finally on the verge to explode by breaking the pattern. 

cardanoprice
Source: Tradingview

As the price explodes after breaking the pattern, it appears poised to smash the immediate resistance level that resides around the ATH. However, once the asset trends are in the discovery phase, reaching new highs could be on the cards. According to an analyst, the asset could reach $8 in the near future. But smashing $5 appears imminent for the ADA price.

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Hoskinson’s Brief Update: Cardano’s Great Year Ahead

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  • Cardano Founder — Charles Hoskinson, speaks to the crypto community.
  • He catches them up on all things Cardano via a live broadcast.
  • After the smart contract launch, Cardano will now move to bring scalability.

Founder of Cardano (ADA) — Charles Hoskinson, takes a moment to address the crypto space and catch them up on all things Cardano. Specifically, he did so via a live broadcast.

The broadcast comes from South Africa, as Hoskinson is currently traveling through different parts of Africa. He says there’s a lot of potential opportunities here and he is looking forward to learning more during this trip.

In detail, the purpose of this brief update was to dampen the negative and uncertain buzz about the project within the crypto world. Hoskinson wanted to be upfront and transparent about all that’s been going on since the Alonzo smart contract update launch last month.

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Frankly, he is very puzzled at the rising FUD within the space. He says that so far, Cardano has met every single milestone on its roadmap with no delays and no issues. The network has never collapsed and Cardano’s community continues to grow.

Hoping to reassure the naysayers, Hoskinson lays out Cardano’s current plans. To begin, he says that most of the concerns he sees seem to be about scalability. The upcoming PAB launch set to come out later this month or early next month will take care of this.

To add on, Goguen’s goal was to set the network’s programming model. Likewise, Basho’s goal is to make the program work on a large scale, and this is where Cardano is heading next. While the PAB will improve scalability, more and more users will join the network.

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By the time this number rises, Cardano will be ready to launch its sidechains as well as its Layer-2 solution — Hydra. Besides these, Cardano has a lot of other projects in motion as well. To name a few, Plutus, Mamba Pool, Atala PRISM, Mithral and so much more. In fact, there are 14 teams working to bring 14 different elements within the Cardano ecosystem alone.

On the other side, Cardano is working with dozens of commercial projects that are fully funded and ready to go. Thus, Hoskinson is excited for the next year, as we will see the large-scale commercialization of Cardano.     

All in all, he is happy to see that the ecosystem is alive and active, humbled that demand for the project has gotten stronger, and grateful to the community for being here. Finally, he encourages skeptics to read the Cardano whitepaper written back in 2016.

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The document shows exactly what the project aimed to bring, and they will see the steady and unwavering progress that has been delivered till now. He ends the broadcast by saying that Cardano is exactly where it needs to be right now and will continue to grow as planned.

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