The cryptocurrency market has been tanking today, with Cardano (ADA) moving lower as well. Our technical analyst predicts that the coin is likely to continue its downward trajectory.
Cardano ADA is still in a downtrend, but that doesn’t mean it can’t go up. The coin has lost 11% over the last 24 hours and currently trades at $1.53.
The Cardano Coin may continue its downward trajectory because no signs are pointing towards an upcoming bull run yet; however, this could change any time now, so keep your eyes peeled.
As Cardano’s ADA token prices tumbled, the overall market momentum played an essential role in causing it.
However, there are also likely to be some tags specifically focused on news about the project that has had a direct effect of pulling back its value over time – at least until recently when things started turning around again for them.
The recent ADA crash is likely due to eToro announcing delisting coins by the end of the year. They have also announced their plan for Tron (TRX), and it seems like a regulatory concern was behind this decision.
According to eToro,
“US users will not be able to open new ADA or TRX positions starting on 26 December 2021. Additionally, staking for those assets will end on 31 December 31, 2021”.
Cardano ADA Price Prediction
As ADA’s price falls, more and more people will be buying. I am confident that the $1.5 floor is what you can expect for now, so this would make a good entry point to buy at current levels.
The Cardano price has fallen from its highs. September saw a high point for the currency, but it is currently sitting on a downtrend and may be due to retake that line as an upward turning trend once again soon enough.
The potential for the price to rise by 131% from current levels is strong, with a parabolic trend line drawn through it. If this happens and assuming 45 days are needed again in 2022 before reaching an all-time high (ATH), then we can expect a new ATH at the beginning of 2022.
Furthermore, the RSI ( relative strength index ) is now showing a double bottom and then upward momentum. CryptoPickk outlined this by using an oval shape with red on it that signifies possible price movement upwards.
It’s important to note that the ADA price may fall below $1.45 during a bear market and could be supported at or around this range. But it will likely continue going up from there as long as more people believe in its potential for success.