Cardano ADA price Analysis- What The Recent Market Dip Means For Cardano
After an eventful week, the market has gone through a price reversal. Cardano, which was enjoying an 11% price surge yesterday, is today down by 3%. This is the same story across the crypto market. Most coins have gone through a price correction as the bulls lose control to the bears.
ADA/USD Price Chart, Thursday November 8th:
In recent months, Cardano has proven to be one of the most stable coins in the market. Besides its stability in the market, the project has been actively making developments and forging new partnerships to ensure its growth. Some of its recent developments include the launch of a new paper wallet and a partnership deal with Metaps Plus, one of the largest mobile companies in South Korea. Although its price did not react by much following these announcements, the developments play a vital role in the long run success of the project.
Cardano Price Forecast
Yesterday- November 07, when prices were flying, Cardano hit highs of $0.081 before encountering resistance. Today has however seen these prices fall to $0.077 following a market dip. With the coin holding an all-time high record of $1.15, could we see the coin break the $1.0 mark before the end of the year?
Well, it seems unlikely. For the last couple of days, it was looking likely that most coins would end the year on a high. With every passing day came more gains for coins and indeed Cardano. Today’s bearish market will not help the bull rally crusade as we head to the end of the year. The dip has only reminded investors how volatile the market still is.
If the bulls can retake the market and gunner support to break the $0.081 soon, we could see prices soar towards $0.091 in a couple of hours. It looks almost impossible but, in the past, the cryptocurrency market has proven it can do the impossible.
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