- Despite The Much Vaunted ‘Alonzo’ Upgrade, Cardano Price Is On A Downward Trend
- ADA probably to see further drops before it starts another ascent
- Long term future still looks bright for Cardano as more institutional investors take notice of the ‘Ethereum Killer’.
The Cardano price is down around 8% over a 24-hour period to the $2.40 mark. Although that may not seem much of a movement, buyers who were hoping for a big bounce after yesterday’s Alonzo upgrade turned out disappointed. As indicated by some analysts, this tech upgrade seemed to have been already priced in up to a certain point.
ADA suffered a considerable 30% drop after the Tuesday flash crash where it descended from the $3.10 high registered in early September to a low of $2.04 on 7 September. It recovered considerably over the rest of the week, even touching the $2.70 level but is now bearish again. The jump was undoubtedly due to the expectations over the Alonzo upgrade but this did turn out to be a little of a damp squib.
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Short Term Prediction For Cardano Price: More Descent Before The Next Push Forward
Although we had considerable anticipation for the Alonzo tech upgrade, the Cardano price actually headed south losing around 8% in the process. This does not mean that there isn’t more potential upside for the ‘Ethereum Killer’ but it could indicate that short term investors are looking at a period of short profit taking.
If the bulls once again take control of the market short term, we could expect the Cardano price to moon. A 10% appreciation to the $2.75 mark would be next on the cards and if that resistance is broken, a rise to the $3 level cannot be ruled out. This would have to be around a considerable change in market sentiment.
If the bearish scenario would continue, one should expect a further retracement of the Cardano price all down to the $2.05 level. If that support level breaks then a crash to the $1.80 level could happen although this dramatic turnaround is not really expected.
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Long Term Prediction For ADA: $5 Still Expected By End Of Year
Although theCardano price appears to be going through some short-term blues at the moment, the bigger picture still remains positive. The ‘Ethereum Killer’ still remains one of the fastest growing coins over the past year and upside momentum seems assured.
As with every cryptocurrency, events in the market such as the El Salvador Bitcoin crash have to be taken note of. However several analysts remain bullish on Cardano with the $5 level almost a general consensus by the end of the 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!
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Gerald Fenech
