Last Updated on 55 mins by cryptoevent

Cardano (ADA) crypto has performed exceptionally well over the past four weeks following the extreme fear phase of the market cycle. Traders who bought Cardano during the July lows would now have been up an impressive 38%.

Currently, Cardano (ADA) is trading at $0.53 and is showing healthy signs of a bullish reversal as we break out of a long-term descending channel pattern.

Will Cardano (ADA) be able to gather enough momentum to reclaim the $1 price level? Cardano is available on eToro.

Cryptoassets are a highly volatile unregulated investment product.

Cardano (ADA) crypto price prediction 2022

From a technical analysis perspective, Cardano (ADA) is starting to get pretty interesting. Since breaking the descending channel resistance level of $0.52, we may be seeing the start of a new uptrend. The next major level of resistance I’m looking for is a swing high up to $0.66.

Although Cardano (ADA) has seen some big gains lately, we are still far from being overbought on the Relative Strength Index (daily timeframe). This leads me to believe that depending on Bitcoin’s motive, there could be room for more positive price action for Cardano (ADA).

The technical target of breaking out of this descending channel would take the price of Cardano (ADA) to around $0.79, a 44% price increase from current price levels.

Ada/Usdt – Daily time frame.

I think it’s quite possible for Cardano to retest the descending channel’s upper trendline support before taking off again around $0.49.

My personal strategy for Cardano (ADA) is to wait for the relative strength index to cross the oversold position and the dollar cost average (orange line below), which usually represents a good opportunity.

Ada/Usdt – Daily time frame.

While it is easy to get excited and feel euphoric, an ascending wedge forms within the descending channel. Because of this, we may see a near-term pullback for Cardano (ADA), but if we can consolidate at the current $0.55, it could nullify this pattern altogether.

Can Cardano (ADA) hit $1 in 2022?

For Cardano to reach $1 in 2022, it will require huge accumulation at these lower levels. If bitcoin can reach $30,000 again, it will also be healthy for the altcoin markets and positively impact Cardano (ADA) price.

Ada/Usdt – Weekly time frame.

Cardano (ADA) is still down 82% from its previous all-time high of $3.10, which will prove quite a challenge to reach the $1 price level during a bear market.

$1 is also a fairly large psychological barrier for Cardano, and we had several touch points with support at this level, making it a very strong resistance. We’d probably see a rejection once we get there.

While it’s still possible for Cardano (ADA) to reach $1 in 2022, I think it will require an altcoin season or a big pump from Bitcoin above $30,000.

Cardano (ADA) video analytics

More lucrative options for Cardano (ADA)?

Cardano (ADA) has been consolidating for some time, allowing many retail investors and whales to accumulate at lower price levels. As market capital increases, volatility decreases and potential upside potential (ROI) per market cycle decreases over time. While Cardano (ADA) is likely a solid investment for the next crypto bull run, I doubt we’ll see 10x from current price levels.

If you are looking for a good way to diversify and maybe see 10-100x returns Tamadoge have a presale that’s live right now. Tamadoge (TAMA) is an exciting new used meme coin that is also deflationary and tax-free, with a fantastically low max supply of just 2 billion coins. Additionally, Tamadoge (TAMA) is a play-to-earn meme coin that will shine with replay value.

An incredible feat for Tamadoge (TAMA) is that their pre-sale has already reached $4,932,534 in just under three weeks! This reflects the tremendous traction and appetite of large investors as the network and community grow through strategic marketing efforts and word of mouth. It’s worth noting that the hard pre-sale cap is $19,000,000 and is expected to end sometime in Q4 2022.

Investors can buy Tamadoge (TAMA) at buy.tamadoge.io with Ethereum, USDT or fiat currencies. As soon as Tamadoge (TAMA) goes public, a launch for the central exchange gate.io is already in the pipeline. This could potentially mean a huge increase in organic volume, which would result in a massive rally for Tamadoge (TAMA).

I speculate that Tamadoge will offer strong returns to those who participate in the presale. Of course, any project with low market capital is risky and volatile, but a cryptocurrency presale allows you to benefit from a very cheap entry. I also believe that Tamadoge (TAMA) will be one of the next top 10 memecoins and has more upside potential than Cardano (ADA) going forward.

Related

• How to Buy Tamadoge – Beginner’s Guide
• Where to buy Cardano in UK
• The 10 best altcoins to invest in 2022

The Post Cardano Crypto Price Prediction 2022 – Will ADA Hit $1? appeared first on Business 2 Community.

https%3A%2F%2Fwww.business2community.com%2Fcrypto-news%2Fcardano-crypto-price-prediction-2022-will-ada-reach-1-02537397