Cardano is a work in progress project worth over $70 billion.
At this mega valuation, it is the sixth in the crypto market cap leader-board, surpassing other fully functional projects like Terra.
Cardano Market Performance and Price Status
Behind this optimism and confidence in Cardano’s prospects are solid, irresistible fundamentals.
The IOG and the Cardano Foundation are determined to roll out a machine anchored on solid fundamentals and peer research.
Already, Cardano is at the early stage of trying out its smart contracts. This means potential projects in DeFi and NFTs that may be worth billions in months ahead.
Together with its flexibility and lead, Cardano’s valuation is justifiable—at least in the eyes of supporters.
Panning to the ADA/USDT candlestick arrangements, there is hope despite the November 10 pullback. For the better part of October, ADA prices flat-lined below $2.3 before tanking in late October, falling to as low as $1.8.
However, the pick-up of momentum in early November formed an impressive three-bar reversal pattern signaling buyers may hint at strength.
Also, ADA prices are trading above the middle BB. This 20-day moving average has been capping the upside for the better part of early Q4 2021.
Therefore, if there is a close above $2.3 for a new November 2021 high affirming November 9 gains, the coin may fly back to $3.
This would continue the bullish pattern traced back to the 61.8 percent Fibonacci retracement of the Q3 2021 trade range.
Cardano will register a New All-Time High Above $3
It is the preview of another trader on Twitter who banks on Cardano’s solid fundamentals for a new swing high.
— Cardanians.io 🥩 stake with CRDNS 🏊 (@Cardanians_io) November 7, 2021
The ADA supporter is convinced the token price must move in tandem with the social and fundamental standing of the project.
Accordingly, in his assessment, the only path is northwards, a re-pricing that would lift the token towards $3 and even better as Cardano registers a new all-time high.
On the same view, another optimistic observer rightly thinks Cardano would, in the long term, replace Ethereum as the second most valuable project.
Cardano will pass Ethereum in market cap well before most people are familiar with the ecosystem/platform or ADA native currency, NFTs, or other projects.
The #2 market cap spot will get most people into researching Cardano. Then, the price will explode upward.
— erik willey (@erikwill) November 3, 2021
He predicts most DeFi and NFT projects to eventually port over to Cardano. The resulting flip of ETH would subsequently thrust ADA prices to new mega valuations.
Cardano Prices to Blast above $3 to $4.5
Another trader thinks ADA/USDT is trading within a well-known pattern if history guides.
So far Im right on #Cardano price
If this is going to be the same as before we can expect a first target of about $4.50 #ADA
Lets just buckle up and see what happens https://t.co/vG82UKodms
— Nina (@Crypto_NinaH) November 9, 2021
The lull in October provided the impetus for a close above the $2.25 zone—a region of resistance.
A follow-through break above October 2021 highs, as mentioned earlier, would be the anchor for a lift-off towards $3—the all-time high.
Per the trader, however, there would be more room for ADA/USDT to expand. Based on his estimation, there is room for another 45 percent rise from 2021 highs to $4.5.
Cardano Rejection at $2.3, ADA/USDT Bullish
On YouTube, one trader notes that there is a firm rejection of ADA upsides at $2.3.
Still, he is bullish and expects a bounce back above $1.8 that may take ADA/USDT above October 2021 highs.
Per his estimation, ADA may not retest $1.80 again in this bull cycle.
Nonetheless, the path to $2.75—or better—must be preceded by consolidation above $2.3.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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