Cardano is a very interesting crypto project. On the other hand, some delays in the project timeline along with a bearish cryptocurrency market made ADA prices plunge below 1$. The current price of around $0.84 is the lowest since 2021. Should you Buy ADA at this low price? Let’s assess in this Cardano price prediction article.
What is Cardano crypto project?
Cardano is a blockchain network that started in 2017. Cardano was founded by Ethereum co-founder Charles Hoskinson. The Cardano Foundation is behind Cardano. It employs scientific staff who further develop the blockchain according to evidence-based standards. Cardano’s network token is called ADA.
Cardano uses the modern Proof-of-Stake consensus mechanism. This makes the blockchain efficient and energy-saving. Cardano has been able to offer smart contract functions since 2021 and can therefore be the basis for decentralized applications. According to scientific standards, Cardano analyzes the weaknesses of other blockchains and improves them for its own blockchain.
Will Cardano Price go up soon?
The Cardano price was able to form two trend lines within the last downward movement. One serves as resistance and the other as support. Both trendlines are leading to the $0.82 support, which is why the price should decide where to go soon. The price has to decide whether to hold the trendline support and $0.82 horizontal support or break the trendline resistance.
Where should Cardano Price reach next?
As Cardano price gets double support at $0.82 (from horizontal support as well as trendline), we expect a bullish breakout in the future. This breakout could result in a rally of around 100%. The target in our eyes is around the psychological price of $1. There is the next stronger resistance. The $1 level is not only a horizontal resistance through the past but also a psychological level that could serve as a resistance. So we are pretty sure that the course will be rejected there.
