Cardano Price Prediction: ADA bears testing bullish commitments at the $3 mark

Cardano Price Prediction: ADA bears testing bullish commitments at the $3 mark

Cardano awaits a sustained move above the $3 threshold.

Daily technical setup remains in favor of ADA bulls.

61.8% Fibonacci level at $2.389 is the level to beat for Cardano bears.

Having faced rejection once again at $2.96, Cardano price is feeling the pull of gravity, as it drops to near $2.80, down about 4% on the day.

ADA/USD jumped back towards the all-time highs of $3.026 on Friday, although it appears that the bulls are likely to take a few more attempts before resuming the broader uptrend.

Cardano’s corrective downside could likely be envisioned as short-lived, as the underlying bullish momentum remains intact heading into the September 12 Alonzo hardfork.

The third most favorite crypto coin is up 14% over the week, set to book the sixth straight weekly gain.

ADA/USD pulls back to initiate a fresh upswing

After Monday’s record rally, a brief retracement in ADA price was well expected by the market participant before the bulls contemplate the next upswing to conquer fresh lifetime highs.

Looking at Cardano’s daily sticks, the corrective decline has been encountering strong demand at the 61.8% Fibonacci (Fib) Retracement level of a fresh rally from August 9 lows at $1.362 to the record highs, which is seen at $2.389.

Therefore, a daily closing below the latter is likely to provide credence to the reversal from higher levels, exposing a powerful support area around the $2.19-$2.15 region, the confluence of the bullish 21-Daily Moving Average (DMA) and 50% Fib level.

Although, initial support is now marked at the 78.6% Fib level of the same advance at $2.668.

ADA/USD: Daily chart

Note that the daily RSI retracement from the overbought region, now at 69.03, suggests that the retreat could likely be a good buying opportunity, as ADA price remains on the track to set new bullish targets.

Should ADA bulls take out the record highs at $3.026 the next relevant hurdle is seen at the 127.2% Fib level at $3.477.

Cardano price prediction for 2021

Nigel Green from the deVere Group shares his Cardano price prediction for 2021, including how it is now the third-largest digital currency and its good reputation for being a green cryptocurrency like Bitcoin.

The price of cryptocurrency Cardano will jump to more than $3 in the next month, predicts the CEO of one of the world’s largest independent financial advisory, asset management, and fintech organizations.

Cardano price predictions for 2021

“WalletInvestor believes the next year will see ADA soar far beyond its current high. The outlet predicts a price of $4.74 for ADA by August 2022.”

“CoinPriceForecast thinks ADA can far surpass current highs. Their forecast for ADA prices the coin at $5.58 by the end of 2021.”

“Gov Capital predicts gains are in Cardano’s future but that they will be slow and stunted. The site predicts ADA will reach just $3.50 by next August.”

“The Economy Forecast Agency’s prediction for ADA places the coin’s price at $3.83 by the end of December,” according to an article by Brenden Rearick, from InvestorPlace.

The prediction from Nigel Green, chief executive of deVere Group, which has $12bn under advisement, comes as little known Cardano (ADA) now rises to become the world’s third-largest digital currency after Bitcoin (BTC) and Ethereum (ETH).

Its price has gone up by more than 36% in the last week and its market capitalization currently stands at $90.60 billion. Year-to-date, it has surged 1,300%. Cardano’s price hit a previous all-time high of $2.41 in May.

He says: “Cardano is now just behind the major headline grabbers Bitcoin and Ethereum.

“People say it has come ‘from nowhere and it’s ‘an overnight success but this is not true. It was created by Ethereum co-founder Charles Hoskinson and launched in 2017, and experts have been seriously watching it with growing interest for more than 18 months.”

Earlier this year Cardano was added to deVere Crypto, the pioneering cryptocurrency exchange app, to join other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP, and Dogecoin.

“Cardano is on a clear upward trajectory and there’s no reason to think that this will come to a halt any time soon.

“In fact, momentum is likely to pick up and I believe that the price of Cardano will reach all-time highs in the next month, hitting more than $3,” says Nigel Green.

“There are three main drivers currently fuelling the price of this cryptocurrency.

“First, it’s being pulled by the broader crypto market rally. Total market capitalization is back up to $2 trillion again.

“Second, its upcoming network upgrade in September, putting its blockchain in a strong position to take on Ethereum, the most used blockchain in terms of smart contract functionality.

“The upgrade will help Cardano to match ethereum’s capabilities,” said Lukas Enzersdorfer-Konrad, chief product officer at Vienna-based brokerage Bitpanda, in an article from Forbes.

“There’s no doubt that smart contracts, a transactional protocol that lives on the blockchain and that automatically run when predetermined conditions are met – are going to have a major positive impact for almost every sector in the near future.”

“And third, Cardano will keep benefitting from its reputation of being a ‘green’ cryptocurrency compared to the likes of Bitcoin, which is not considered as efficient in energy consumption.”

The deVere CEO concludes: “I’ve been bullish on Cardano for a long time, amongst other cryptocurrencies. But there’s a now real sense it is about to break out.”

Cardano Price Prediction with Fed Chair’s Speech in Focus

Cardano price remains above the week’s support zone of $2.50 despite the recent drop from its all-time high (ATH). On the one hand, optimism surrounding the Alonzo hard fork has boosted the crypto by close to 100% since the beginning of August. Nonetheless, a hawkish tone from the Fed Chair later in the day may curb its gains.

Cardano price technical analysis

ADA continues to find support at 2.50 as has been the case for a week now. After reaching its ATH of 2.97 earlier in the week, Cardanp price has since declined by about 12.68%.

However, since Thursday, it has eased on the decline as optimism on the Alonzo hard fork buoys it above 2.50. At the time of writing, it was up by 2.42% at 2.59.

On a three-hour chart, it is trading slightly below the 25 and 50-day exponential moving averages. In the near term, I expect the crypto to remain above 2.50 while recording limited gains.

It will likely trade within a tight range of between 2.50 and along the 50-day EMA at 2.64. As the market moves into the weekend, a hawkish tone from the Fed may trigger a bearish breakout to 2.38 before bouncing back to the support zone of 2.50.

On the flip side, a cautious stance would be bullish for riskier assets. In that case, the resistance level will likely be at 2.85 as the bulls attempt to retest the week’s high.