Cardano Price Forecast: Will Path A or Path B Lead to New Highs?
The two routes that the price of Cardano can take to hit new highs have been disclosed by cryptocurrency expert Trend Rider. This occurs amid ADA’s poor performance, as the cryptocurrency token is presently among the least successful since the year’s beginning.
He predicts that path A will occur if Bitcoin stays above $60,000. According to the chart he presented, path A indicates that the price of Cardano will rise to $0.6 without going through any further declines before turning positive.
Path B, on the other hand, calls for ADA to decline to the $0.24 liquidation zone before starting its upward trend. Trend Rider pointed out that this would be the final entry’s crash scenario. To ensure that Cardano is ready for its bull run to start, a price adjustment to that level might help remove weak players. Right now, it appears that path B is more likely to occur.
Cardano’s Year-to-Date Struggles: ADA Among Worst Performers Despite Whale Activity
Since the beginning of the year, ADA‘s prognosis has been gloomy. Having gained more than 12% year to date (YTD), the coin is currently among the worst-performing assets this year. Considering that the cryptocurrency had its first-ever monthly green candle in September of last year, there were great expectations for Cardano going into October. To be sure, sour sentiment in the larger crypto market has contributed to Cardano’s poor start this month.
Cardano is presently receiving mixed reviews from investors, according to on-chain data. Large cryptocurrency transactions have been slightly increasing lately, according to IntoTheBlock data. This suggests the active accumulation of ADA tokens by crypto whales. Throughout the past day, these whales have exchanged 17.67 billion ADA. The number of addresses holding ADA at a profit has decreased to 17.59%, which makes the “In The Money” statistic bearish right now.
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