Despite the Bearish Trend, It is Quite Possible for the Cardano(ADA) Price to Hit $3.2!

The post Despite the Bearish Trend, It is Quite Possible for the Cardano(ADA) Price to Hit $3.2! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The crypto market is again painted red as its sailing in a deep sea with the recent outperformers like Cardano has also flipped the bullish trend. The ADA price had both the opportunity to leap long, else fall into a deep well. Yet the asset chose to plunge down and test the immediate support levels. However, despite the bearish trend outspread within the crypto space yet the possibilities of a flip towards $3 is still alive.

No doubt, the ADA price has been trending within a descending channel for quite a long time, but the asset has tried a couple of times to flip from the lower support. And hence forming a double bottom pattern and more importantly, the price just experienced a minor rejection from the neckline and held strong along the immediate support levels. The Cardano price is expected to consolidate here for some time and eventually flip beyond the neckline and surpass the immediate resistance at $2. 

If we consider the chart pattern of the whole 2021, then it is quite evident that the asset is hovering within a very big broadening wedge pattern which has not properly broken yet. Currently, the price is along the lower support levels and after forming a double bottom pattern, yet another bottom may be formed at the same levels before a massive breakout. Else if the price flips from the current levels then the target would be around $2 to $2.40 for the short term.

But for the mid and long time holders Cardano traders can expect a target close to $4 at $3.8 as the top for the broadening wedge is along these levels. And moreover, the strong resistance for the ADA price lies at $3.1 which could create wonders if tested and cleared successfully.