The broader cryptocurrency market seems to be clearing out weak hands as the turn down keeps wreaking havoc on the market. The total market value now stands at $1.9 trillion, down from a seven-day high of $2.2 trillion, recorded on September 16.
Currently, The largest digital asset Bitcoin price is trading bearishly, recording a price decline of 2 percent, and ETH is trading in the same trend trading at $2,856.10 with a 5% plunge. On the other hand, despite experiencing a crash, Cardano Price was able to recover quickly.
Will Cardano Price Rebound Above $2.4?
The altcoin price dropped below $2 but there was a quick recovery and ADA price is now trading at $2.04. It seems that the crypto has been able to maintain strong support despite being unable to break the resistance. However, traders need to watch out if ADA prices will clear this storm safely or not.
At press time the altcoin price is just above the major support level. If the price drops below $1.98, this could bring the defensive zone at $1.70-$1.84 into play, which could further stoop to $.150.
As per the above chart, ADA has taken shape within an inverse cup and handle – A bearish pattern that triggers a breakdown in value. However, the handle is yet to develop.
On the other hand, to start afresh rally ADA Price must slice over the $2.4 level. However, seeing the current market trend we might expect that the price will consolidate with minor corrections for a few days before a breakout.
ADA Price to Hit $4 by End of 2021 Predicts Analyst
Nigel Green, head of deVere Group which is one of the leading independent financial advisory companies, seems to be bullish on Cardano. In a recent interview with Business Insider, Nigel said that the third-largest cryptocurrency could soon attain new highs and eventually reach $4 by the end of the year.
He also previously predicted that the ADA price would hit $3. Nigel believes that Cardano Price will successfully rebound along with other top cryptocurrencies.