Cardano price suffers a harsh reversal as pro sees a path to $10

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As a seasoned analyst with over two decades of experience in financial markets, I have witnessed numerous market cycles and trends, from the dot-com boom to the crypto revolution. The recent dip in Cardano (ADA) price, although concerning for some investors, is not uncharted territory in the crypto world.

The cost of Cardano has experienced a significant downward shift, decreasing approximately 21% from its peak this month, as investors cashed out their earnings.

On Tuesday, November 26, the price of Cardano (ADA) was at $0.92, slightly retreating from the growth it had achieved over the past few weeks.

The drop in value is reflective of a wider pattern observed throughout the cryptocurrency market. Notably, Solana (SOL), which leads as the fastest-growing layer-2 network, has decreased by 12.65% from its peak this month. Similarly, Polkadot (DOT) and Cronos (CRO) have experienced significant declines as well.

As a crypto analyst, I maintain a positive outlook on the future growth of ADA, viewing the present downturn as a typical correction within a bullish market trend. Throughout history, digital currencies have frequently exhibited brief periods of contraction amidst prolonged upward momentum.

In a recent update on his social media platform (X post), Dan Gambrardello – with more than 273,000 followers – characterized the current slump as merely temporary. He went on to speculate that the price of Cardano could potentially soar to between $5 and $10 when Bitcoin achieves a value of around $200,000.

Discovering these dips is your trusted companion as you uncover the route toward Bitcoin reaching $200k, Cardano ascending to between $5 and $10, and Dogecoin attaining a market cap of over $20 billion.

— Dan Gambardello (@cryptorecruitr) November 26, 2024

At its current price of $0.92, a jump to $10 would equate to a staggering increase of nearly 10-fold or 987%. Such a substantial growth might seem improbable, but it’s not unprecedented in the volatile crypto market. In fact, from August 2nd to November 23rd last year, Cardano experienced an impressive surge of over 315%, and if we look back further, it has skyrocketed a massive 3,670% from its low point in 2018.

In another post, DustyBC, a popular crypto pro, estimated that Cardano will jump to $12 at base. 

Essentially, experts think that Cardano stands to gain from its growing network and possible moves towards less costly platforms compared to Solana and Ethereum. Additionally, anticipation about the potential approval of a Cardano ETF by 2025 adds fuel to the optimistic outlook.

Cardano price has more room to run

Over the past few weeks, the graph for Cardano indicates it’s bounced back, reaching a high of $1.1520 – this is its highest point since April 2022.

The cost has climbed above the significant barrier of $0.80, which was its highest point on March 4 before. Now, Cardano is trying to verify if this level can serve as a foundation, a typical indication of continued movement in technical analysis.

At the moment, ADA is approximately at the 23.6% Fibonacci Retracement point and continues to stay above both its 50-week and 100-week moving averages. Financial analysts anticipate that Cardano may reach the 50% retracement level, which corresponds to roughly $1.6700. This potential increase would represent an impressive 82% growth from its current value.

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2024-11-26 19:06