After reaching its all-time high-ATH price of 3.16 USD, Cardano ADA started to decline the price. For the last two months, we’d seen the bullish trend of Cardano.
Notably, the coin reached its ATH after Bitcoin broke its resistance. However, in the past two weeks, we saw some Bearish and downward trends of ADA.
The coin is, however, trying to recover from its bearish trend from the last three days. Along with some other digital currencies, such as Bitcoin and Ether, ADA has also reported loss.
Also, the trends were bullish from the last three days, but we witnessed some downward signals in the previous 24 hours.
Furthermore, because of its bearish trends in the recent and current scenario, all you need is to wait for some time before trading the coin. Hopefully, the coin will again reach its ATH price in the upcoming days and follow the uptrends (bullish).
Cardano Price Analysis
The price of ADA shows a downward trend alongside all the cryptocurrencies, including today. If this downtrend continues, then the bullish trend will have to hold on at the price of $1.85, which is considered the support level of the altcoin.
On the other hand, if the pressure continues, then Cardano will decline to the price of $1.78 (support zone).
However, at the time of writing, ADA has been trading at the price of 1.77 USD, which is relatively low compared to its ATH and its recent price.
ADA Analysis in a Nutshell
- At current, Cardano price analysis has been Bearish
- The resistance level for ADA is found at almost $1.90
- The Support level for the altcoin is present at $1.86
Cardano price analysis: Technical indications for the 4-hour price chart
The 4-hour price chart/graph for ADA price shows that the price of Cardano ADA fell rapidly during the first four hours of today, whereas a slowdown in downtrend was being witnessed for the further next four hours.
Fortunately, the last candlestick was green, which indicates some support for ADA. All the above indications predict that the decline in the price has stopped, but no highlighted recovery has been observed in the 4-hour price chart of ADA.
Cardano ADA Price Prediction
Different experts and analysts have other predictions and opinions regarding the price forecast of this digital coin, as all the cryptos are volatile. Some experts believe that the price of one ADA will be equal to almost 10 USD over a few years.
On the other hand, some analysts, Trading Beasts notably, predicted that the Cardano ADA would be just above $2 at the end of 2024.
If we observe, we can conclude that ADA, along with its rival digital coins, is going through its lousy period, but that’s temporary. Looking in the past recent month, we see some positive trends and bullish signals for the altcoin.