Cardano price faces sharp downturn, analyst predicts $10 target – Cryptocurrency Update
Cardano price has taken a bit of a hit lately, dropping around 21% from its recent high point. As of Tuesday, November 26, Cardano (ADA) was trading at $0.92, giving back some of the gains it had seen in the past few weeks. This drop is part of a broader trend in the crypto market, with other cryptocurrencies like Solana (SOL), Polkadot (DOT), and Cronos (CRO) also experiencing double-digit declines.
But not to worry too much—crypto analysts are still feeling pretty good about ADA’s future. They see this current dip as just a temporary setback in a larger upward trend. In fact, some experts predict that Cardano could hit anywhere from $5 to $10 once Bitcoin reaches $200,000. That would be a pretty impressive 987% increase from its current price.
In the past, Cardano has seen some impressive growth. For example, between August 2 and November 23, the price surged over 315% and has risen a whopping 3,670% from its 2018 low. Some analysts even think that Cardano could go as high as $12 in the near future.
One of the factors driving this positive sentiment is Cardano’s expanding ecosystem and the possibility of a shift away from more expensive blockchains like Solana and Ethereum. There’s also speculation that a spot Cardano ETF could be approved by 2025, which would further boost investor confidence.
Looking at the charts, it seems like Cardano has some room to run. The price has rebounded in recent weeks, reaching a high of $1.1520, its peak since April 2022. Currently, ADA is hovering around the 23.6% Fibonacci Retracement level and is above the 50-week and 100-week moving averages. Analysts believe that Cardano could rise to the 50% retracement level at $1.6700, which would represent an 82% gain from its current price.
Overall, while it may be a bumpy ride, the future looks bright for Cardano. And if these predictions pan out, investors could be in for a nice payday.
