- Cardano’s price has fallen by 21% recently, reflecting broader cryptocurrency market pullbacks.
- Despite the drop, analysts predict ADA could rise to $5 to $10 with strong growth fundamentals.
- Cardano’s technical outlook remains positive, with potential gains up to $1.67 based on key resistance levels.
Cardano (ADA) has experienced a substantial crash in its price levels, close to a 21% reduction from the newly established peaks. As of Tuesday, November 26th, ADA was trading at $0.92, which slightly pulled back on the achievements made for the last weeks. This decline is parallel with the rest of the market, with other major Altcoins such as Solana (SOL), Polkadot (DOT), and Cronos (CRO) also on a decline.
This negative Cardano price trend is part of the wider trend typical in the crypto space. The Solana layer-2 network, which is rapidly gaining users, fell by 12.65% from the highest point recorded this month. Similarly, Polkadot and Cronos experienced a downtrend of 6.51% and 7.73%, respectively. This has led to concerns as to whether this surge in the overall market is evidenced by the slowing down of a bullish trend across assets.
Experts View Current Price Dip as a Normal Retracement
Despite the current downtrends, most crypto analysts are confident about the future of the Cardano uptrend. They consider this decline to be normal volatility within an ongoing bull market. Historically, there have been certain drawdowns in light of extended uptrends in the price of cryptocurrencies. Analysts also point out the strong fundamentals of Cardano, especially the growing ecosystem and increasing adoption.
Dan Gambardello Predicts Big Price Surge for Cardano
Famous crypto influencer Dan Gambardello wrote in a social network post that this is just a temporary decline. He believes that value may increase tremendously if Bitcoin hits $200,000, and Cardano may potentially hit between $5-10 per token. With ADA currently priced at $0.92, such a move would mean an explosive 987% surge.
Cardano Could Rebound to $1.67 in the Coming Weeks
From a technical standpoint, Cardano’s price has shown resilience. It recently surpassed the key resistance level of $0.80, a significant barrier in March 2023. Now, ADA attempts to confirm that level as support, a typical sign of further bullish movement.
Moreover, Cardano remains above the 50 weekly average and 100 weekly average, which potentially means more growth. According to CHARLES, it could climb to 50% Fibonacci retracement level at $1.67, representing a potential 82% from the current price.
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