- The Cardano Price has lost around 9% to settle at $2.67 after exceeding the $3 mark last week
- Healthy pullback looks a sign of strength as a rebound is expected soon
- More upside potential long term as investors pile into the ‘Ethereum Killer’
The Cardano price is currently experiencing a healthy pullback as the price dropped around 9% to the $2.69 level. Undoubtedly this is a healthy period of retracement for ADA as buyers get back in at more acceptable prices before another surge forward. Although the spectre of regulation remains on the horizon, the Cardano price has continued to build up momentum and further rises should be expected soon.
Fed Chair Jerome Powell once again indicated that cryptocurrency regulation is imminent in a recent interview for the Financial Times. That does not seem to have affected the crypto market too much with Cardano actually reaching an all-time high last week of around $3.05. More institutional investors are piling into the ‘Ethereum Killer’ and its prospects remain excellent.
If you haven’t yet bought some Cardano check out our How To Buy Cryptocurrency Beginner’s Guide.
Short Term Prediction For Cardano Price: More retracement before another push upwards
It appears that the Cardano price will settle at around the $2.60-$2.80 mark before its next move upwards. It has already appreciated by around 300% since the July 20 swing low of $1.04 so investors who went in at that level have made a killing.
If a bullish thesis were to come into play, the Cardano price would likely appreciate by around 10% and once again tag the $2.90 level. If that level of resistance is broken then we could see a considerable rise even to the recent ATH of $3.05 with a possible swing upwards to the $3.30 level. That would be an appreciation of 20% from the current price.
If a bearish thesis continues to persist, the Cardano price would most likely drop below the $2.60 support level with a sell-off ensuing. However, the $2.50 mark appears to be extremely well supported and it is highly unlikely that ADA would drop below that level.
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Long Term Price Prediction for ADA: Onwards and Upwards Towards New ATH’s
As the cryptocurrency market continues to recover, the Cardano price appears primed to continue setting all-time highs and new horizons. Although the continuous rumours of regulation in the markets still rumble, these do not seem to be affecting ADA that keeps going from strength to strength.
The ADA price definitely seems poised for greater things with the $ level even possible by the end of September. A price tag of $5 by the end of the year is definitely not out of the question with several analysts quietly confident that even this will be superseded.
Where to Buy
If you want to purchase Cardano, 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 ADA 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
