Investing in Cardano looked very promising in 2022. The crypto market crash turned everything upside down. Crypto investors are not rethinking their trading strategies and setting their exit positions. On the other hand, this market fiasco is not only present in the crypto space, but also in many markets such as the equity market. Important economical and geopolitical events are happening, pushing prices lower. Now that Cardano prices are established around 1$ again, should we jump and buy ADA in anticipation of higher prices later this year? Let’s tackle everything about ADA in this Cardano price prediction.
Cardano Price Breaks Important Trend Line
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Cardano price has formed a trend line for the past few months that went to the $2.38 resistance. As a result, the price has formed an ascending triangle on the weekly chart, which could provide an upside in 2022. As the trendline has been broken, we no longer expect a move up to $2.38 in the medium term. If the current weekly candle also closes below the trendline, we would consider that the breakout was confirmed. Before the candle closes, let’s not judge anything solid. That’s why sometimes it’s better to sit on the sidelines and await further confirmations.
Cardano Price Prediction – Can ADA Hold the 1$ price?
As long as Cardano’s price holds the $1 support, we wouldn’t be overly bearish. This support is the last chance before the price could fall again by about 60%. The next support is around $0.40 due to the strong rise that occurred back at the beginning of January 2021. Before that, the price failed to form resistance that could now serve as support.
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