Cardano ADA is still hovering downswing with no bullish activity so far. For the past few weeks, it’s been trading downward, and there are no significant spikes in its price. With the recent crash in the crypto market, ADA has lost almost 32%, hitting the support level at $1.192.
At the press time, ADA is trading at $1.45, the price of ADA is hovering between the $1 area. Since the September ATH, Cardano didn’t manage to hit another All-Time High.
In the last 24 hours, Cardano’s price has gained almost 11%, with a market cap of $48,137,704,194. So far, ADA seems to gain its position back steadily. The current trend is downward, below the $1.58 area.
After the recent crash, ADA price is consolidating and has headed towards a slow recovery. It might take some time, but the price will likely go up.
Cardano ADA Price Analysis and Prediction
ADA price is currently trading at the oversold territory. In comparison, the downswing is for several weeks. The price did not see any bullish trend till yet. However, it seems ADA could recover itself and will trade above the $1.46 level.
Further rise is expected, as the next resistance level is $1.60. For ADA, $1 is the support area, as it hit the support area several times and bounced back.
After the September ATH, ADA lost almost 60% of its value. As long as the Bearish trend continues, this could be the best time for buying. However, the token is expected to rise slowly and hit the next target at $2.25 in the early stages of 2022.
For the short term, ADA has created the uptrend parallel channel and is likely to break out soon. Currently trading at $1.45, and will likely go upward to $1.5 level.
If the bearish trend didn’t stop at the $1.2 level, then there is the possibility of another downswing towards $1.