- Cardano price shoots up by over 20% over 24 hours to reach the $1.90 mark
- Long term predictions for ADA remain extremely bullish
- The smart contract based cryptocurrency is expected to continue rising over the coming months
The Cardano price has exploded over the past 48 hours although the last day has seen a slight paring back of gains. With all the potential of this crypto, it was clearly evident that Cardano was massively underperforming and the latest jump is testament to that.
Predictions remain extremely bullish for the Cardano price with the $2.00 level now the logical next line of resistance. ADA retreated around 5% from the $1.80 level registered on 10 August but shot up to the $1.90 mark this morning.
The recent passing of the Infrastructure Bill by the Senate has also thrown extra scrutiny on cryptocurrencies as a whole. The negative press does not seem to have affected the Cardano price which has continued soaring.
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Short Term Prediction For Cardano Price: Bullish Sentiment Expected To Continue
The bullish sentiment around the Cardano price is expected to continue as more buyers pour into the market. It has to be said that ADA is currently up by a staggering 80% since its July 20 low of $1.10 with the recovery well underway.
A bullish thesis should see the Cardano price continue to rise and break the $2 resistance level. After that is broken, then the next resistance for Cardano should be at the $2.30 level, a price last seen in April.
A bearish thesis would of course invalidate all this. If that were to occur, the Cardano price would descend to the $1.70 level where a sell off might then occur. This could even push the price down to the $1.40 mark, a level seen just two days ago. However, this is unlikely to happen due to the considerable positive sentiment in the market surrounding Cardano.
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Long Term Price Prediction For ADA: Through The Roof
Analysts and predictions all seem to agree that the Cardano price is primed for a strong push upwards. Some have the price at $5 by the end of the year although that does seem to be wildly optimistic.
The implications of the $1 trillion infrastructure bill also have to be taken into account where every long-term prediction is concerned. Although the market seems to have shrugged off the implications of the bill short term, the effect of the crypto windfall tax still has to be gestated.
All in all, the future potential for Cardano looks extremely positive and new all-time highs are once again on the cards.
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Gerald Fenech
