Cardano price recovers 30% to trade at the $2.50-$2.65 level
More upside expected as new Alonzo tech upgrade launches on Sunday
Cardano, the third biggest cryptocurrency behind Bitcoin and Ethereum, will beat its own all-time highs by the end of the year, reaching $4 by the end of 2021 according to analysts.
Although the Cardano price descended considerably in Tuesday’s crash where it even fell to a low of $2.05, bullish momentum appears to be back on track with the price now at the $2.50-$2.65 levels. There’s much anticipation for the ‘Alonzo’ tech upgrade on Sunday and investors are still confident that ADA will moon long term.
The cryptocurrency market appears to be in firm recovery mode after Tuesday’s flash crash that was largely brought about by El Salvador’s ill-fated foray into Bitcoin. The Cardano price was obviously affected by these shenanigans but it now seems that normal service has been resumed. Some pullbacks may be expected along the way though and the path is definitely not a smooth one.
If you want to buy some Cardano then take a look at this How To Buy Cryptocurrency Beginner’s Guide.
Short Term Prediction For Cardano Price: More Momentum Expected As Alonzo Upgrade Nears
The Cardano price had reached an all time high of $3.10 just a few days ago before experiencing a substantial 30% flash crash. It has now recovered somewhat to the $2.50 mark and even touched the $2.65 level earlier in the day. One also has to put the fact that ADA has shot up by well over 250% from its July 20 swing low of $1.04.
If a bullish thesis remains in play, then the Cardano price will most likely make a 10% move upwards to the $2.75 mark. If that resistance is broken then the $3 level is once again on the cards but there needs to be a substantial move in crypto market sentiment which took something of a battering earlier this week.
If bears keep playing around, the Cardano price will most likely sink below the $2.50 level and tag the $2.40 mark. However, there is strong support at the $2.35-$2.45 level so a drop should be contained unless a larger sell off takes place.
If you’re interested in trading cryptocurrency then have a look at these Top Cryptocurrency brokers.
Long Term Price Prediction For ADA: Is $4 On The Cards Or Even More?
On a long-term basis, expectations for the Cardano price remain extremely bullish. The upcoming ‘Alonzo’ tech upgrade will undoubtedly create more frenzied investor interest as the ‘Ethereum Killer’ continues to grow in stature.
Analaysts such as DeVere’s CEO and Founder Nigel Green are predicting a $4 level for ADA by the end of the year.
“Cardano (ADA) is now the world’s third-largest crypto behind ‘scene stealers’ Bitcoin and Ethereum. Its price has increased by around 1668% during the year so far.
“This impressive momentum is set to gain further pace as we move towards the end of the year. I believe we can expect Cardano to hit fresh all-time highs, reaching more than $4 by the end of 2021, Green commented”
Green also correctly predicted that the Cardano price would reach $3 last week. Other analysts are even more bullish with figures of $5 to $7 being mentioned by end of year.
Where to Buy Cardano
If you want to purchase ADA, you can do so on the following exchanges:
• eToro
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
• Binance
The other platform where you can buy Cardano is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.
Looking to buy or trade Cardano now? Invest at eToro!
Capital at risk
Share
Gerald Fenech
