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Cardano Price Struggling Against Bitcoin: Will ADA Reach a New ATH?

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Cardano price used to have better days in the past, while it currently struggles to stay above $1. Nevertheless, its 2018 and 2021 runs were both impressive, granting investors 50-100x returns. Is there a chance for a third run? Always. How big though – that is a key question. Follow along and find out what technical analysis says.

Is $5-8 realistic? With fully diluted valuation (FDV) of $30 billion, total supply of 45 billion tokens and current tokens in circulation of 36 billion, such an increase would mean FDV of $300 bullion. As a top L1 coin, attracting $270 billion, especially if the ETF gets approved, it seems realistic. What do the ADA charts show?

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Is Cardano Price Bottomed: The Road To New ATH

(Source – Tradingview, ADAUSD)

The monthly chart looks promising with the last candle keeping the body above MA50. Still half a month left before it closes – good to keep an eye on. Another key level seems to be $1.13 – previous support and current resistance. Once this level is taken, then previous ATH, at $3 becomes the next target.

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(Source – Tradingview, ADABTC)

A chart to consider when it comes to alt season is ADA against BTC. 2018 and 2021 are a good example why. Cardano price should see a similar move soon for its holders to be happy. Currently sitting at range lows, it makes sense that it can run to the top of the range again in a month or two.

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Cardano price has been struggling to stay above $1 for the past one year. This article looks at TA insight for chances of new ATH.

(Source – Tradingview, ADAUSD)

Next, we will look and analyse the Daily chart. There isn’t very much going on on this timeframe, except ranging for almost 1 year and the long wick down from last week’s liquidation cascade. Cardano price is beneath all Moving averages at this point and until it goes back above, there is a chance $0.52 gets tested again.

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What Is Next For ADA: Concluding Thoughts

(Source – Tradingview, ADAUSD)

Lastly, we will analyse the 4H timeframe. This long wick looks a bit ridiculous next to the small range ADA used to be in. Although the drop occurred after Cardano price fell below all MAs. Now there is a support level at $0.63 being formed. The question is will it hold and eventually regain the Moving Averages, or will it retest $0.52? It is a waiting game at this point.

Happy trading and stay safe out there!

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Cardano Price Struggling Against Bitcoin: Will ADA Reach a New ATH?

  • ADA USD price still ranging between 0.50 and $1.
  • ADA BTC pair looks bottomed and can be expected to move up soon
  • Decision date for Cardano ETF – October 23rd
  • Reclaim of all MAs on 4H is key in order to test $1 again

 

The post Cardano Price Struggling Against Bitcoin: Will ADA Reach a New ATH? appeared first on 99Bitcoins.





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