Cardano (ADA) Needs Retail Trader’s Support to Avoid Downfall

Cardano (ADA) Needs Retail Trader's Support to Avoid Downfall
  • Several prominent experts predict a double-digit price for Cardano.
  • A successful reversal may occur if traders rush in to boost the price.

Cardano price is halted after breaking out of the bullish trend. If ADA gets a hold, a new upswing is likely. A confluence of support indicates an optimistic outlook.

Cardano price rose 28% on September 21 to a swing high of $2.46. An immediate pullback to the demand zone of $1.99 to $2.17 gave it the push it needed to rise. ADA must overcome the $2.39 resistance and close a 12-hour candlestick above it to reach further highs.

If the bullish momentum continues, the uptrend will likely cut through the 50% Fibonacci retracement level at $2.51 and aim for the high likelihood reversal zone stretching from $2.65 to $2.86. Profit-taking points for ADA are $2.65 and $2.75. After a week of a downtrend, the asset has dropped out of the top 3 cryptocurrency rankings.

ADA/USDT: Source: TradingView

Tether has reclaimed third place, barely ahead of Cardano in terms of market cap as per CoinMarketCap. A successful reversal may occur if traders rush in to boost the price.

Cardano Summit Failed to Push the Price

The price is now in a downtrend channel with decreased volume. As a result, retail traders’ activity has slowed. The whales may alter the whole situation, but traders must be active to maintain the volatility.

Many anticipated the Cardano summit to affect the ADA price, but none did. So, if the price continues to fall in the next month, it may lose additional profits.

However, several prominent experts predict a double-digit price for Cardano before the end of 2021. The present trend shows that reaching $10 is unlikely. However, most analysts think that the ADA price will rise in October, resuming the Bull Run. According to CoinMarketCap, the Cardano price today is $2.13 USD with a 24-hour trading volume of $2,795,729,151 USD.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.