This has caused the price of the cryptocurrency to rise from $0.10 to $1.20.
Price
Cardano
In mid-July, it entered another similar consolidation phase. If this structure continues to develop, ADA will explode and cause an exponential increase.
After Cardano’s price decisively closed above the historical high of $3.10, this move will be confirmed.
If ADA can achieve only a quarter of the 2021 return (i.e., a 150% increase), the cryptocurrency will reach $6.
A 300% increase will drive Cardano’s price above the 8.4% Fibonacci extension level of around $261.8, and ADA will reach $9.50.
Despite the recent optimism surrounding Cardano after the upgrade, things could quickly go wrong if the largest cryptocurrency starts to decline.
If Bitcoin’s price starts to plummet as it did on July 19 or in late June, it will force all altcoins to do the same.
Read more:
These 4 altcoins have recently achieved significant gains.
If ADA falls below the low point of $1.68, it will form a lower bottom and invalidate its upward momentum. Although a recovery may follow this decline, it will certainly scare off investors and slow down the economic recovery.
In this case, ADA may fall to the next support level of $1.50 or even lower to $1.
At the time of publication, Cardano’s trading price is $2.46.