Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Cardano Enters Price Discovery Mode Targeting $3

By Crypto Briefing (Ali Martinez )CryptocurrencyAug 22, 2021 01:31AM ET
www.investing.com/analysis/cardano-enters-price-discovery-mode-targeting-3-200599585
Cardano Enters Price Discovery Mode Targeting $3
By Crypto Briefing (Ali Martinez )   |  Aug 22, 2021 01:31AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Cardano has entered price discovery mode, suggesting further gains on the horizon.

Key Takeaways

  • Cardano just made a new all-time high of $2.58.
  • If buy orders continue piling up, ADA could rise to $2.87.
  • The $2.47 support level must hold for the bullish outlook to be validated.

Cardano has stolen the crypto spotlight breaking its all-time high achieved in May. Now that ADA has entered price discovery mode, a particular technical pattern suggests it has more room to go up.

Cardano Makes New All-Time Highs

Cardano has been on a roll lately as it recently made a new all-time high of $2.58. The so-called “Ethereum Killer” skyrocketed by a whopping 153% over the past month, displacing Binance Coin as the third-largest cryptocurrency by market cap.

The smart contracts launch, scheduled for the network’s Sept. 12 Alonzo update seems to have investors bullish on Cardano. The introduction of smart contracts on the Proof-of-Stake blockchain will allow for the creation of dApps covering use cases like DeFi and NFTs, written in its in-house programming language, Plutus.

From a technical perspective, the impressive upward price action seen in the last 24 hours appears to have derived from the break of a bullish flag on the 12-hour chart. The 54% rally that took place between Aug. 9 and Aug. 14 created the pattern’s flagpole, while the descending channel that developed right after formed the flag.

Further buying pressure could push ADA up by another 11% toward $2.87. This target is determined by measuring the flagpole’s height and adding that distance to the breakout point.

Cardano (ADA) 240-Min Chart
Cardano (ADA) 240-Min Chart

It is worth noting that Cardano must hold above the $2.47 support level for the bullish outlook to be validated. A sudden increase in profit-taking that pushes ADA below this critical demand barrier could lead to a steep correction.

Based on the Fibonacci retracement level (measured from the May 16 high of $2.47 to the May 19 low of $1), a break of the $2.47 support would increase the odds for a downswing to $2.15 or even $1.90.

Original Post

Cardano Enters Price Discovery Mode Targeting $3
 

Related Articles

Crypto Briefing
Osmosis DEX Raises $21M In Token Sale By Crypto Briefing - Oct 28, 2021

The Cosmos-based DEX has received support from Paradigm, among others. Key Takeaways Osmosis, a Cosmos-based decentralized exchange, announced it has raised $21 million via a token...

Cardano Enters Price Discovery Mode Targeting $3

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email