Cardano ($ADA) regained its third spot back as the crypto market rebounded in green after three days of price decline. $ADA price jumped 13% from a daily low of $2.09 and currently trading at $2.20. The altcoin has seen a price slump in the latter half of September after posting a new ATH of $3.10 on September 2nd just 10 days prior to its Alonzo upgrade.
Many expected the smart contract integration upgrade to fuel the price further and hoped $ADA would enter price discovery mode quite similar to Solana ($SOL). However, September proved to be as bearish as many had predicted and $ADA along with the rest of the crypto market lost over 25% in the past three weeks. The crypto market hopes for a revival and reentry of bulls in the final quarter of the year and market pundits expect Cardano to surge to new highs during this time.
The next key resistance for the altcoin is around the $2.44 price mark, however, analysts believe only a surge above $2.50 can help $ADA to break out of the current bearish downtrend.
Cardano Bull Predicts $4 Price Target by EOY
Nigel Green, the CEO of deVere Group, a wealth management firm believes despite the bearish September and possible further downsides in the final week, Cardno would eventually rise up to new highs. He explained that Cardano’s utility has increased significantly post the Alonzo upgrade which could put it among the frontrunners in the crypto market.
“Things you should be looking at are the purpose of the cryptocurrency, how long it has been in the market, market capitalization, and its underlying solutions. Cryptocurrencies that solve problems are likely to succeed more than those that do not. The longer a cryptocurrency has been in the market, the more trust it has attained, and cryptocurrencies that are developed on strong networks will stand longer,”
Green also gave a price target of $4 by the end of 2021 and expect another 91% surge in the last quarter.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Discussion about this post