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

Cardano price has faced a sharp reversal, dropping nearly 21% from its highest level this month as investors took profits.

Cardano ada11.03% Cardano was trading at $0.92 on Tuesday, Nov. 26, giving back some of the gains it made in recent weeks.

This decline mirrors broader trends across the crypto market. Solana sol9.89% Solana, the first-growing layer-2 network, dropped by 12.65% from its highest level this month. Similarly, Polkadot dot3.45% Polkadot and Cronos cro8.45% Cronos have fallen by double digits.

Crypto analysts remain optimistic that ADA will resume its bullish trajectory, describing the current dip as a normal retracement in a bull market. Historically, cryptocurrencies often experience minor pullbacks during extended rallies.

In an X post, Dan Gambrardello, who has over 273,000 followers, described the decline as temporary. He predicted that Cardano could reach $5 to $10 when Bitcoin hits $200,000.

With Cardano currently trading at $0.92, a move to $10 would represent a 987% increase. While significant, such growth is not unheard of in the crypto market. Between Aug. 2 and Nov. 23, Cardano surged over 315% and has risen 3,670% from its 2018 low.

In another post, DustyBC, a popular crypto pro, estimated that Cardano will jump to $12 at base. 

Fundamentally, analysts believe Cardano will benefit from its expanding ecosystem and potential shifts away from more expensive blockchains like Solana and Ethereum. Speculation around the approval of a spot Cardano ETF by 2025 further bolsters positive sentiment.

Cardano price has more room to run

The weekly chart shows that Cardano has rebounded in recent weeks, hitting a high of $1.1520, its peak since April 2022.

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

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