Cardano (ADA) Reclaims Strong Buy Territory – Here’s How

Cardano (ADA) was enjoying the uptrend last month. Following the price rally that insinuated a rise in the entire crypto market, crypto prices have nosedived again in the past week.

  • ADA prices reaches buy zone
  • Cardano lost 18% the past week
  • ADA price drops 2.88% as of press time

After the formation of that uptrend that drove the entire cryptocurrency market higher, prices crashed heavily in the past week. On average, the crypto market shaved off around 12% in the past week.

Cardano lost roughly 18% and shoved ADA prices to the buy zone. So, is it advisable to buy the dip at this point? Or should buyers wait a little bit more for a price jump?

According to CoinMarketCap, ADA price has dropped by 2.88% or trading at $0.4505 as of this writing.

The ‘Ethereum Killer’

Dubbed the ‘Ethereum Killer,’ Cardano (ADA) is a public and decentralized DApps and Smart Contract blockchain that was launched in 2017 to be bigger and better than Ethereum.

It uses the Proof-of-Stake algorithm which is considerably more energy-efficient than what Ethereum is equipped with.

Considering the many lapses or shortcomings that Ethereum has such as its sluggishness and expensive gas fees, Cardano is said to set the benchmark for pivotal upgrades using modern technology.

With Cardano’s “Alonzo” upgrade, the network has grown in 2021 to be more secure, scalable, technically advanced, and resilient. 

Cardano (ADA) To Breach $0.50 Level?

The crypto market suffered a tremendous slump of 12%. Bitcoin has lost roughly 11% while Ethereum dropped by 16%. The top gainers the previous week seemed to have exchanged hands and have darted on a bearish route this week.

Cardano had an amazing growth from its low of $0.40 and then peaking at a high of $0.59, which is equivocal to gains of roughly 47%.

Today, the prices of the crypto market made a price adjustment and dipped lower. The prices reached the support zone of $0.45 and are now retracing higher. Cardano retraced to $0.47.

Now, the prices could consolidate from $0.45 to $0.50, and then the prices may probably shoot back up and peak at the upper consolidation mark of $0.50. From that point, ADA’s direction will depend on the current market sentiment.

So, if the crypto market shoots way up, ADA might breach the $0.50 mark upwards.

At this point, the hype surrounding Ethereum’s merge has died down and there are no huge price pumps expected.

Crypto total market cap at $998 billion on the daily chart | Source: TradingView.com

Featured image from AMBCrypto, Chart from TradingView.com

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