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Cardano Price Prediction Daily 9th October 2023: ADA Bears Fighting Back! Watch This Key Support
In our previous Cardano analysis, we identified the $0.2516 major support zone in the 1-hour timeframe and also warned our readers of the potential Bullish Flag Pattern that was forming in the 1-hour timeframe.
Well, that bullish pattern was playing out exactly until now. Right now, the Cardano Bears are fighting back!
In this ADA analysis, we will be breaking down the key support level we are currently watching and what the Cardano Bulls must do to stop any further sell-off.
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ADA Testing This Key Support. Will It Hold?
The most important level for the Cardano price right now is the $0.2516 key support zone in the 1-hour timeframe.
What trend direction the Cardano price will take in the coming days will solely depend on how the Altcoin reacts to this support zone.
ADA Bullish Scenario!
For the Cardano bullish scenario, we need to see the Altcoin bulls defend this $0.2516 key support at all costs.
If this 1-hour level can hold, there is a very high probability that we might see massive buying pressure begin to come back into the Cardano market from this key support region in the coming days.
So for now, we are watching this $0.2516 key support zone closely to see if the Cardano Bulls can manage to continue to hold it.
ADA Bearish Scenario!
For the Cardano bearish scenario, we want to see a totally opposite thing happen to the price. We want to see the ADA price breakthrough and close below the $0.2516 key support in the 1-hour timeframe.
A bearish break like this below this $0.2516 support zone invalidates every bullish bias we have on Cardano and points to a more aggressive price trend lower in the coming days.
So for now, we are standing aside and watching this 1-hour key support zone closely to see what will happen.
The Cardano price is testing a critical support zone in the 1-hour timeframe. If this key support holds, there is a very high probability that we might see the Altcoin price bounce and begin to rally in the coming days.
However, if the Cardano bulls fail to hold on to this $0.2516 key support, this could only indicate a growing selling pressure building up for Cardano.
So for now, we stand aside and wait to see how the Altcoin price reacts to this key zone.
What is Cardano (ADA)?
Cardano is a decentralized third-generation blockchain platform that uses a proof-of-stake consensus mechanism to validate transactions. It shares a lot of characteristics with other successful blockchains like Ethereum and supports advanced technologies like virtual machines, smart contracts, and Dapps development.
Cardano is a highly popular blockchain platform that stands out for its unique approach to development. Unlike other blockchain platforms that rely on a whitepaper for guidance, Cardano uses peer-review scientific research to make improvements and ensure that it remains one of the best in the industry.
This means that any proposed changes to the Cardano blockchain are first reviewed by experts in the relevant field and are only implemented if they receive positive feedback.
Additionally, Cardano is working to solve some of the most pressing issues in the cryptocurrency world, such as scalability, interoperability and sustainability, by using peer-reviewed research.
How Does Cardano (ADA) Work?
Cardano is a third-generation blockchain known for its advanced smart contract capabilities and two-layer architecture, making it both fast and secure. With these advancements, Cardano is addressing some of the most pressing issues in the blockchain industry, including scalability, interoperability, and sustainability. Here’s a closer look at how Cardano is making improvements in these areas:
Cardano is working on innovative ways to increase the capacity of its network. When it was first launched, it could only process ten transactions per second. However, the team behind Cardano is aiming to increase this capacity to 1 million transactions per second once development is complete. This will not only speed up transactions but also reduce transfer fees.
Cardano is an independent network, but it is not aiming to isolate itself. There are thousands of different cryptocurrencies and blockchain networks, each with unique features and ecosystems. Cardano is working on new methods to enable interoperability across different blockchain networks, including system upgrade protocols, governance models, and feature sets.
Cardano is being developed with the long-term in mind. The team behind Cardano is using peer-reviewed research to build a platform that will be able to sustain for decades. Additionally, the platform is designed in a way that makes it easy to make improvements and upgrades over time.
Where to Buy Cardano (ADA)
ADA is a cryptocurrency that is available on most centralized exchanges. You can purchase or trade ADA easily by signing up on one of the following exchanges:
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Cardano (ADA) Price History:
Cardano (ADA) in 2021
2021 was a bullish year for the market in general, and ADA was one of the fastest-growing cryptocurrencies in 2021. Its price started rocketing early in the year and peaked at around $3.10 in the month of September. At the beginning of 2021, ADA was only valued at a mere $0.18.
However, ADA did not have a great close for 2021, as the price had dropped to $1.30 by the end of December.
Cardano (ADA) in 2022
While 2021 was a bullish year for crypto markets, 2022 came with a strong bearish trend. The majority of the altcoins lost most of their value in 2022, and the story was no different for Cardano ADA.
At the start of 2022, we did see some bullish momentum for ADA as it went from $1.1 to $1.6 in the first few weeks of January. However, the bear market took over quickly, and ADA continued to lose value for the next 11 months. The price ended up closing in 2022 around the $0.25 mark.
Cardano (ADA) Price Prediction 2023
ADA kept dropping throughout 2022, and it is likely that the price will now consolidate or climb a little. According to the DigitalCoinPrice forecast, ADA will fluctuate between $0.29 and $0.77 throughout 2023.
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*Cryptocurrency market is highly volatile, and the projected numbers can change in future as the market grows.
Cardano (ADA) Price Prediction 2024
In 2024 we can expect the price of ADA to climb slowly once again. The maximum level we expect ADA to touch in 2024 is the $0.91 mark. On the other hand, the price could also go as low as $0.74 in bearish scenarios.
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Cardano (ADA) Price Prediction 2025
In 2025, ADA is likely to go back above the $1.00 mark. The most conservative prediction for ADA in 2025 is the $1.02 mark, and the most bullish prediction is around $1.25. We might not see too much movement for Cardano ADA in 2025.
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Cardano ADA Price Prediction 2030
It is difficult to predict where the cryptocurrency Cardano ADA will be in 2030. The financial industry is constantly evolving, and new technologies are being developed. However, Cardano is considered a major blockchain project and is expected to perform well in the long term. If it continues to be successful, it is likely that ADA will be worth between $5 and $10 in 2030, assuming the overall cryptocurrency market does well in the coming years.
Conclusion: Is Cardano ADA a Good Investment
Cardano ADA was one of the strongest-performing cryptocurrencies in 2021, and predictions for its future value suggest it has the potential for further growth. Many experts believe that Cardano ADA will have the highest return on investment among the top 10 cryptocurrencies.
Additionally, Cardano’s technology is unique and highly efficient compared to other blockchain projects, and its interoperability feature allows for an easy transition of projects from other blockchains to Cardano’s. When Cardano’s main net is launched, it is possible that more projects will migrate from the Ethereum blockchain, which would likely drive up the value of ADA.
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Frequently Asked Questions – FAQs
Looking at ADA’s current fundamentals and charts, it does look like a decent investment. The price is currently trading around the bottom region, and this zone is usually considered a good entry point.
Cardano is among one of the biggest crypto projects in the world, and it has strong fundamentals. Many institutions have shown interest in ADA and invested in it. The overall image of the project does give it a solid reputation. However, crypto trading can be risky, and one must invest only after doing their own research.
Cardano and ADA are terms that are used interchangeably, but there is a big difference between them. Cardano is a third-generation blockchain platform that is bringing advancements to the crypto space, while ADA is the native currency that can be used on the Cardano blockchain.
ADA is currently trading in lower levels and is not far from its 2021 bottom. We are currently in a bear market, which is always a good time to accumulate crypto in which you have strong faith.
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