If you followed our previous articles, we specifically urged crypto investors to buy ADA below 1$ as prices were expected to reach this area. Today, we are happy to announce that prices did indeed break 1$ and even reach a current price of $1.13. Can Cardano Price continue up? Where will ADA price reach? Let’s analyze Cardano!
Cardano Price Breaks 1$ HIGHER! What Happened?
ADA prices started to fall as part of the macro crypto market adjustment. On the other hand, its prices broke a major price which is the psychological price of $1. In a previous article, we highlighted the importance of this event, as buying ADA below 1$ should be a great buy setup. After reaching a low of $0.78, ADA price managed to reverse the downtrend and push back stronger, making more than +30% gains in the past 7 days.
A break of $0.90 was enough the predict this reversal. In a downtrend, breaking the upper downtrend line shows a strong possibility of a trend reversal. This is not to confuse with fake-outs, which also might show the illusion of a trend reversal, only to continue on the downtrend. That’s why adequate stop-loss areas are very important.
ADA Price Prediction – Can ADA reach 2$?
Now that the psychological price of 1$ was breached, and since the entire crypto market is showing signs of a recovery, we can assume that prices are now on an uptrend. On the other hand, after extended ups, we will definitely see some form of adjustments. Those adjustments will bring prices lower in the short term.
Looking at figure 2, we can safely assume that prices might revert back to the psychological price of 1$. Once prices consolidate around that area, we can expect prices to continue their uptrend towards 2$. However, there are several milestones before reaching 2$, the first being the 1.3$ price mark.
