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Thursday, September 16, 2021

Cardano Price on a Major Bull Run, Alt-Season 2.0 Draws the Market Attention!

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On Thursday, Cardano saw significant gains, pushing the cryptocurrency to a new all-time high of $1.69 per coin. ADA is one of the cryptocurrencies that could see a significant increase in value in 2021. After a year of relative silence in the cryptocurrency market, this is a welcome change. Cardano’s price is can, and people are speculating about how high it will go.

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As Bitcoin (BTC) continues to range, analysts are targeting short-term targets of $5, adding fuel to an already thriving altcoin scene. 

The thing I don’t like about ADA right now is that there was a lot of volume, and now there isn’t,” famous trader Scott Melker cautioned earlier this week during a market overview. 

He went on to say that the ADA/USD chart “looked good,” but that the pair was now best suited to long-term investors rather than short-term traders. 

ADA remains well below its all-time high against BTC, a characteristic shared by many altcoins despite their success against the US dollar. In January 2018, ADA/BTC crossed 0.000071 BTC and is now at 0.00003 BTC.

This week, Bitcoin traded sideways while Ether and other altcoins dominated the news. On Wednesday, ETH reached an all-time high (ATH) of $3,541.46; by Friday, the stock had stabilised at about $3,460.27. Dogecoin (DOGE) also reached a new all-time high of $0.69 yesterday, according to CoinTelegraph, which called DOGE’s rise “the leading indicator for alt season.”

Several large-cap tokens hit multi-year highs this week, but Bitcoin’s price has struggled to hold on to any of the week’s news-driven increases. The recent surge in altcoins has caused Bitcoin’s market share to dwindle in recent weeks. Analysts believe this is just another sign that the Altcoin season is nearing its end.

Cardano Price Forecast

Well-known Crypto trader and strategist Justin Bennett has opined Cardano Price is still undervalued and the bull run is not over yet. The trader took to Twitter to tell his 39,200 followers that ADA’s price has been moving sideways for six weeks, and this means the market doesn’t believe it’s overvalued at all. 

He also tweeted that he has been accumulating Cardano as he thinks the recent consolidation is setting the platform up for a big breakout in the near future.

“Starting to build a sizeable ADA position. I’ve held some for a while but adding to it here. Anything between $1.10 and $1.30 is fair game…I don’t buy markets that are going vertical. I buy markets that went vertical recently and have since gone sideways for over a month. That’s a recipe for the next leg higher.”

Cardano (ADA) Price to Reach $10 by End of 2021

The trader goes on to place his prediction for the price by the end of 2021, he believes the token can 10X from its current prices and reach the $10 level.

While $10 is his conservative prediction, $20-$30 wouldn’t surprise him either he adds.

Even though he has been ultra bullish of Cardano, he believes the bears are still in control until its price takes out a key level.

“The jury is still out on whether the bottom is in for ADA. Markets are flirting with some big support levels, and ADA remains below $1.50. As such, I have to respect the short term bearish scenario”.

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