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Cardano Price Could Yet Again Breach $3, But Another Dip Is Yet To Come

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Most of the crypto assets are experiencing quite a trembled situation as the prices are trending towards the south. As Bitcoin price fell drastically from the cliff, many altcoins including Cardano price also followed the trend. However, ADA price could sustain strong above $2 in order to keep up the uptrend. 

The asset after a substantial jump is shedding its gains profusely, and trading within a descending channel. However, after the extreme sell-offs, the buyers appear to have jumped in and weaken the selling pressure. And hence the price could eventually uplift above $3 as predicted by a popular analyst Micheal de van Poppe. 

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As per the analyst, the current dip may lead the price to shed more and get an inch close to $2. However, the upcoming rally could lead the price back above $3, very close to its ATH at $3.1. But the interesting thing is, he believes the price to surge gradually and hit the highs somewhere by the end of 2021 or by the beginning of 2022. 

Collectively, the entire crypto space is facing a pullback, maybe due to Binance’s announcement of the discontinuation of service in Chinese territory. Many assets are making every effort to prevent further dip. And hence Cardano(ADA) price could retrace very soon, in order to range high towards the mentioned target.

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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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Cardano Traders Have Started Longing Again While Funding on Binance Picks Up

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Demand for Cardano derivatives is on the rise, according to on-chain and market data

As the altcoin market starts growing again and funding rates are picking up, Cardano traders and investors start to open more long positions, according to data provided by Santiment. In order to track the trader’s interest in cryptocurrency, Santiment tracks funding rates on the Binance exchange.

With increased derivatives funding, traders might expect elevated volatility due to the increasing number of leveraged positions. A more leveraged market might help the price action during an uptrend.

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The downside of an overleveraged market

The main downside of elevated volatility on the market is the absence of strong support zones that practically have no time to form in the face of the rapidly rising price.

Cardano funding
Source: Santiment

Cardano markets were constantly overleveraged during the previous bull run. Right after the market entered the correction phase, ADA faced a 30% retrace and has not recovered to date.

In the last month, the average weekly volatility on ADA has been staying around 8%, while in the post-smart contract announcement phase, the average volatility has remained at about 20%.

The main advantage for traders

Since current market sentiment for ADA remains neutral, an increase in volatility might lead to both positive and negative outcomes. But according to the data from Binance, there are more longs being opened than shorts. With additional longs funded and the absence of selling pressure, the price of the asset might rise further.

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Cardano Chart
Source: TradingView

Currently, only 61% of ADA holders remain in profit, which indicates that 40% of all holders have opened their positions for a higher price. On-chain data also suggests that more selling pressure might appear on the market once the price comes close to the previous ATH.

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