Cardano price prediction: ADA, a proof-of-stake blockchain platform, has experienced significant price fluctuations over the past 24 hours after a market correction. The altcoin trades, with increased volatility, as observed on various cryptocurrency tracking platforms.
As of the reporting time, Cardano price is currently at $0.3895 during the US sessions on Thursday, marking a 4% decrease in price based on CoinMarketCap data.
The current market capitalization stands at $13 billion, making it the 10th largest cryptocurrency in terms of market value. Despite the decline, trading volume has surged by over 7%, indicating a heightened activity level among traders.
Cardano Price Prediction: Is ADA Set for a Recovery or Further Decline?
Bitcoin and other leading cryptocurrencies have been caught between optimistic bulls and skeptical bears in a tug-of-war. However, for Cardano, the outlook might be more favorable than it appears. Despite a minor setback on the daily charts, ADA’s performance over the week remains robust, hinting at potential bullish momentum.
Cardano price has risen by over 2% in the last seven days, oscillating between $0.37 and $0.42. Over the past month, though, the token has been more turbulent, marking a 14% dip due to heightened volatility.
The conversation around ADA heated up when Charles Hoskinson, the creator of Cardano, addressed a controversial statement by BitBoy Crypto. The crypto influencer declared that Cardano’s ADA was “dead,” prompting a swift rebuttal from the community.
I remember when the point of cryptocurrencies was to replace institutions instead of acting out a scene from deliverance.
I guess I got to learn the banjo to make Ben happy. https://t.co/yLMj1qAE1T
— Charles Hoskinson (@IOHK_Charles) July 3, 2024
Noteworthy was the response from @cardano_whale on platform X. They labeled BitBoy Crypto’s remarks as “amusing” and challenged his rationale for dismissing a coin with active governance mechanisms as “dead.”
Is a Rebound to $1 Possible After Recent Declines?
Cardano is currently on a downward trend. With insufficient market support, the coin’s price risks further decline. It may soon hit a support level at approximately $0.38. If the downward pressure continues, ADA might drop further to support at around $0.3. Intensified selling could push the price down to $0.2.
On the upper side, if ADA breaks through the resistance at $0.4, it could signal a bullish reversal. Such a move would likely push the price toward a key resistance point at $0.5. With continued bullish momentum, ADA’s value could potentially escalate to $1 during an upcoming rally.
The 24-hour technical indicators for Cardano depict a mild bearish trend. The Awesome Oscillator (AO) displays red bars below the zero line, suggesting the continuation of bearish momentum in the short term. The Average Directional Index (ADX) stands at 21.22.
The Moving Average Convergence Divergence (MACD) shows a bearish crossover, suggesting that the downward momentum may continue in the short term. The Relative Strength Index (RSI), currently at 41, hovers near the oversold territory, which could indicate a possible pivot or rebound in the near term if buying pressure increases.
The post Cardano Price Prediction: How Can Whales Profit From ADA Free Fall appeared first on CoinGape.
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