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

Cardano price faced a sharp reversal, falling nearly 21% from its high this month as investors took profits.

Cardano (ADA) traded at $0.92 on Tuesday, November 26, giving back some of the gains it made in recent weeks.

This decline reflects broader trends in the crypto market. Solana (SOL), the first growth layer-2 network, is down 12.65% from this month’s high. Similarly, Polkadot (DOT) and Cronos (CRO) also experienced double-digit declines.

Crypto analysts remain optimistic that ADA will continue its uptrend, describing the current decline as a normal pullback in the bull market. Historically, cryptocurrencies often experience small pullbacks during prolonged rallies.

Dan Gambrardello, who has more than 273,000 followers, noted in his X post that the drop was temporary. He predicted that Cardano could reach $5 to $10 when Bitcoin reaches $200,000.

These downfalls are your best friend when you realize they are the path to you. $BTC Reached 200 thousand dollars $ADA It climbs to $5-10 and $DOG It reaches a market value of over 20 billion dollars.

Embrace the process.

— Dan Gambardello (@cryptorecruitr) 26 November 2024

While Cardano is currently trading at $0.92, a move to $10 would represent an increase of 987%. While significant, such growth is not unheard of in the crypto market. Between August 2 and November 23, Cardano gained over 315% and is up 3,670% from its 2018 low.

DustyBC, a popular crypto expert, predicted in another post that Cardano will jump to a bottom of $12.

Fundamentally, analysts believe Cardano will benefit from its expanding ecosystem and potential to move away from more expensive blockchains like Solana and Ethereum. Speculation that the Spot Cardano ETF will be approved by 2025 further strengthens the positive sentiment.

Cardano price has more room to run ADA price chart | Source: crypto.news

The weekly chart shows that Cardano has rebounded in recent weeks, reaching $1.1520, its highest level since April 2022.

The price has previously surpassed the critical resistance level of $0.80, which was the high on March 4. Cardano is now attempting to retest this level as support, which is a common continuation signal in technical analysis.

Currently, ADA is trading around the 23.6% Fibonacci Retracement level and remains above the 50-week and 100-week moving averages. Analysts suggest that Cardano could rally to the 50% retracement level at $1.6700, which would imply an 82% gain from its current price.