- Cardano price prediction insinuates the number 5 cryptocurrency is in for further declining price movements.
- After recording a 33 percent price correction, Cardano is still trading on a below-average volume.
- If ADA slides below the $0.85 mark, it will trigger a significant price decline that could see it settle at the $0.4 region.
ADA’s price has corrected by roughly 33 percent after the price surge on the 27th of February that saw the crypto asset hit an impressive milestone of $1.48. Despite the recent price correction, Cardano appears to be preparing itself for a significant comeback. According to key technical indicators, the rally is poised to push it past critical support levels, as institutional investors show interest in the number 5 crypto asset.
Cardano Price Prediction: General price overview
Recently, the crypto market woke up to the news of ADA being added to the Bloomberg Terminal platform. The news hit the headlines after Bloomberg’s Sunday story about Cardano’s recent price surge. Although the information is yet to be confirmed, the market is awash with the news, which might turn out to have a positive effect on Cardano’s price.
At the time of writing, ADA is yet to show any positive effect from the news, but market pundits claim the information is a step in the right direction for the number 5 cryptocurrency. Coincidentally, the current Bloomberg news comes just days after Mike Novogratz, Galaxy Digital CEO, requested his social media followers to take advantage of ADA’s current price to make a bullish case. With institutional investors now curious to know more about Cardano following the Bloomberg listing, ADA is primed for a bullish run in the near-term.
Cardano price movement in the past 24 hours
As the top 2 crypto assets, Bitcoin and Ethereum, are busy hitting new milestones, ADA’s price has consistently been on a downward trend for the last few weeks. Despite recording adverse price movements, ADA is preparing for a classic price consolidation that will propel it to new all-time highs. Despite ADA experiencing a price correction after its 27th February surge, its volume profile remains below average, meaning it is well placed to record a bull run in the near-term.
According to ADA’s 24-hour chart, the number 5 crypto asset is likely to face some opposition at the upper trendline, currently resting at the $1.13 region. The next point ADA’s bull run might meet some resistance is at the 50 4-hour Simple Moving Average followed by the 100 Simple Moving Average.
Cardano 4-hour chart
According to ADA’s 4-hour chart, the number 5 cryptocurrency is likely to encounter resistance at the $1.2 region, a notable area of price congestion since late February. If ADA survives these exceptional resistance points, the crypto coin will trigger a massive bull run that will seek to bypass the all-time high of $1.491. According to market pundits, this bullish trend is likely to catch steam and momentum in the coming weeks.
If ADA fails to surge upwards and results in moving downwards, the first significant support will be at the $0.8 region, which also doubles as the coin’s 50-day Simple Moving Average. Further price decline is likely to face ADA’s most critical support at the $0.84 region. Bulls need to come out and ensure ADA does not reach these levels. Failure to hold firm will trigger further and more devastating price declines.
ADA has been getting some free publicity from notable personalities in the financial markets. One of them is Galaxy Digital CEO Mike Novogratz. All hope is not lost as Cardano can change fortunes following the recent social media buzz that has been around the crypto coin.
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