#Cardano

Trade ADA now. . Strong bullish trend ❤❤❤❤$ADA

𝘾𝙖𝙧𝙙𝙖𝙣𝙤 𝙋𝙧𝙞𝙘𝙚 𝙊𝙪𝙩𝙡𝙤𝙤𝙠 𝘼𝙨 𝙀𝙏𝙁 𝘼𝙥𝙥𝙧𝙤𝙫𝙖𝙡 𝙊𝙙𝙙𝙨 𝘿𝙚𝙘𝙡𝙞𝙣𝙚- 𝙒𝙞𝙡𝙡 𝘿𝙚𝙁𝙞 𝙋𝙪𝙨𝙝 𝙏𝙖𝙠𝙚 𝘼𝘿𝘼 𝙋𝙖𝙨𝙩 $5?

Cardano price is pulling back today, August 6, as the entire crypto market tumbles. However, this drop has not changed the sentiment of some analysts regarding how it might perform in the future. One says that ADA will not only recover above $1, but the price may reach $5. Meanwhile, the odds that the SEC is going to approve a spot Cardano ETF have plunged.

Cardano trades at $0.72 with a 2.35% drop in 24 hours. It has created a falling wedge comprised of higher lows and lower lows. However, the support line drops at a slower angle than the upper resistance. This is a sign that while sellers may be active, they are losing strength.

Analyst Crypto Front identifies this setup, saying that it has not only been formed, but also broken. He said that after Cardano price moved from the resistance line, it is coming back here again. What this means is that the falling wedge resistance is becoming support.

When the price tips north from this pattern, it is a sign that bulls are winning. However, there is still a need for caution. This is because after today’s drop, ADA price has again gone back to this line.

If the wedge plays out in the bullish manner that is usually the case with such patterns, it will not be surprising if we get to $1.35. This is an around 101% jump from the current price. However, Crypto Front’s bullish outlook does not end here. He adds that Cardano might reach $5 in a bull market peak.