Cardano is ON FIRE! Up 43% and surpassing $2…Climbing HIGHER?

The day has finally come for Cardano enthusiasts. After an extended consolidation of a couple of weeks, Cardano price surpassed today the important $2 price mark. In fact, many traders and investors were awaiting this day, as ADA’s technical formation was prepping for a breakthrough. In the past week, prices have soared more than 40% and are on their way to break their previous all-time high. Can Cardano reach $3?

Cardano’s rise was INEVITABLE

In our previous article that was published not a long time ago, we did shed some light on this specific altcoin. In fact, we spotted how prices barely changed relatively to the entire cryptocurrency market that was soaring at that time. It seemed as if ADA prices were lagging. This is the perfect catch for traders, who look for those undervalued assets and buy in anticipation of higher prices.

Why was Cardano price going to rise inevitably? Well, other than their fundamental tech advancements in their community, the entire cryptocurrency market was rebounding from its previous market crash. When prices start to recover, and when Cardano prices barely changed, that was a clear opportunity.

Cardano Price Prediction – Can Cardano reach $3?

Looking at the current crypto market boom, ADA’s price can surely reach $3 in the medium term. It took ADA 3 days to increase by $0.5, and the current price is exactly $2. The previous all-time high price was reached back on the 16th of May 2021 and was around $2.5. Ergo, we can have two short-term targets:

  • Target#1: $2.5 – which represents the previous ATH
  • Target#2: $3 – which represents a psychological target for traders and investors

Cardano Price: ADA/USD 1-day chart showing ADA's next targets
Fig.1 ADA/USD 1-day chart showing ADA’s next targets – TradingView

Should you BUY CARDANO Today?

Cardano price reached a very critical area. Breaking the psychological price of $2 is definitely a good thing, and prices are eyeing the previous ATH of $2.5. On the other hand, prices can still retrace and adjust from that impressive 40% growth. Price adjustments are very natural and are bound to occur whenever prices rise in a period of time with no adjustments. That’s why if you want to buy Cardano today, it is advisable to look out for the below areas:

  • USD 1.8
  • USD 1.5

ADA/USD 1-day chart showing ADA's retracement levels
Fig.2 ADA/USD 1-day chart showing ADA’s retracement levels – TradingView

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Rudy Fares

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