Bitcoin is now creating great uncertainty in the cryptocurrency market. We recently made BTC forecast and analyzed the prospects. On the one hand, this is very good, because altcoins have started to move on their own. However, the high probability of the collapse of the main cryptocurrency will not have a positive effect on the entire crypto world. Therefore, Cardano forecast has two main scenarios now.
The ADA price is trading near the upper trend line of the main channel
If you look at the ADA price, you can see that the price is moving up the channel.
And if we draw this channel on highs and lows, we will see that the price moves from head to toe.
Today, the ADAUSD price has stopped at $2.88. Sellers didn’t even let it to a round $3.00 because the channel limit runs a little lower.
In fact, in two weeks the ADAUSDT price rose by x2 from $1.44 to $2.88
If you look locally, the break of the level of $1.50 up occurred at higher volumes and buyers did not even allow to test this level for strength from above.
However, if we look at all the movement of the ADA price in the channel, we will see that trading volumes are declining and over the last month in comparison they are simply meager.
Local Cardano forecast – price drop to $1.73-$1.93
Now, we would like to see a correction of the Cardano token price in the range of $1.73-$1.93, the average price of $1.83 will be taken as a basis. And when and if the price reaches this zone, then we will analyze: the nature of the price movement, on what volumes will be the price movement and in general what mood will prevail in the crypto market in the future.
After this analysis, it will be easier to make a Cardano forecast and choose which further ADA price movement will be more likely. Because now, theoretically equal chances that the ADAUSD price update the high in the zone of $4.30 or start a deep correction in the zone of $0.40-$0.50.
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