The post Price Analysis of Cardano (ADA): Heading to New Highs or Returning to the Abyss? appeared on BitcoinEthereumNews.com.

Cardano (ADA) has recently resurrected from a tremendous bear market, with its price reaching the highest values since April 2022. Now the cryptocurrency seems to be resting around the 1 dollar area, waiting to discover what its next move will be. There are those who say that we will surpass the previous all-time highs at 3 dollars and those who think that we will return to a bear phase. In the meantime, the on-chain and derivatives market indicators highlight a bull scenario. Price Analysis of Cardano (ADA): What Will Be the Next Move for the Crypto? Cardano (ADA), one of the most loved/hated assets in the crypto world, has recorded an excellent price performance in the last 3 weeks, printing a +200%. After going through a very long bear phase, the cryptocurrency is back to printing green candles, bringing excitement to its holders. In detail, the prices have gone from 0.33 dollars at the beginning of November to the local maximum of 1.15 dollars, returning to its highest value since April 2022. Simultaneously, we have witnessed a strong increase in spot trading volumes, more than 5 times greater compared to the previous weeks. Now the price of Cardano is exactly at 1 dollar, slightly down after the pullback last weekend, awaiting the next chart move. The most plausible scenarios at the moment seem to be three: the first sees the breakout upwards of 1.2 dollars and the continuation of the trend towards new price highs. The second, on the other hand, sees Cardano marking a lower-high on the daily chart, building a reversal structure. Finally, the third one hypothesizes a brief retracement to the price of 0.90 dollars with subsequent lateralization to give breath to the trend. Daily chart of Cardano price (ADA/USDT), Binance market It’s difficult to try to…

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Filed under: News - @ November 28, 2024 12:18 pm