Cardano has been retracing hard since it reached its all-time high price of $3. Instead of consolidating, its prices went on a medium-term bear market. Naturally, the social hype for Cardano as a project became less as ADA’s prices retraced almost 50%. Can Cardano pull back upwards and reach its psychological price of 2$ before 2022? In this Cardano price prediction, we’ll mainly tackle the technicals behind ADA prices.
ADA Price retraced 50% Downwards
Back on August 30th, ADA prices reached an all-time high price of $3. The excitement did not last much though, as prices shattered back towards the psychological price of $2. It looked like there were many traders who liquidated their profits and move towards the next big altcoin hit.
In fact, Cardano’s market capitalization reached an incredible $100 Billion. For many investors, this valuation looked a bit overvalued compared to what was happening with the tech development of the project. For this reason, coupled with heavy profit-taking, ADA prices sank back towards $1.4 losing 54% within 3 months.
Cardano Price Prediction – Can ADA reach 2$ before 2022?
Zooming out on ADA’s chart, we can notice how ADA retraced back towards the average uptrend it initially started back since the beginning of the year 2021. Prices were inflated and had to adjust sooner than later. This price adjustment should be considered as another chance to buy Cardano at a discounted price. ADA is eyeing its previous all-time high price of $3, but should break the barrier of $2 first.
Although prices of ADA are set to reach $2, it would be a bit hard to predict that prices would do so before 2022. For this to happen, we need one of the below fundamental pushes:
- The overall crypto market rallies heavily during the Christmas Holidays
- Cardano project announces an important news to the crypto community
- The current trend of ADA continues steadily without any correction upwards
If one of the above is met, prices are likely to reach 2$ before 2022. If not, it might take ADA till the end of January to breach well above the psychological price of $2.
The Crypto Market at a Glance
In the past 24 hours, the crypto market is down slightly by 1.7%. Most of the top 10 cryptocurrencies are slightly in the red, except for ADA prices that shot more than 9%. Additionally, LUNA also gained around 12%, making the two the best performers for this day.
1- Bitcoin (BTC) : – 1.39 %
2- Ether (ETH) : – 3.40%
3- Binance Coin (BNB): – 2.20 %
4- Tether (USDT) : 0 %
5- Solana (SOL) : + 0.95 %
6- Cardano (ADA) : + 9.65 %
7- Ripple (XRP) : – 2.78 %
8- USD Coin (USDC) : + 0 %
9- Polkadot (DOT): – 4.15 %
10- Dogecoin (DOGE) : + 0.55 %
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Rudy Fares