Cardano (ADA) Aims for $3 Price After the Current Consolidation

  • Enough momentum may be built to push the price upward.
  • The price of a large green candle may rise beyond $2.4.

The cryptocurrency Cardano has been forced to move within a tight range lately due to equal zeal from buyers and sellers. When one of them seemed to be more powerful than the other, the price reacted accordingly. On the other hand, the ADA price has the ability to break out of the pattern quickly.

If the continual accumulation continues, enough momentum may be built to push the price upward. Despite the fact that the volume is steadily declining, the pattern of purchases, sales, and purchases again show that traders are very active in the market.

Whales Waiting For An Opportunity

The asset’s price is going downward on a daily basis, according to the price chart. Furthermore, it has the potential to exceed the upper limits before the accumulation is completed. The whales, on the other hand, seem to have been waiting for an opportunity. As a result, the asset may experience a 30 per cent increase in value over several days.

For an extended period, the asset seems to have been trapped at the initial resistance levels. To break over the $2.4 barrier, the asset must cease accumulating as soon as possible.

ADA/USDT: Source: TradingView

The cryptocurrency Cardano may consolidate and grow in strength if it fails to take the next leg towards the target of $3. After then, the price of a large green candle may rise beyond $2.4 and eventually approach $3.

Unless the bulls show up, the ADA price is likely to continue to meander sideways. In order to shill the bears, the buyers must outweigh the purchasers at the time of the current Doji candle. According to CoinMarketCap, the Cardano price today is $2.19 USD with a 24-hour trading volume of $2,298,338,847 USD.

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