Our Cardano price prediction is still bearish as the price is retesting its support once again. ADA crypto tested the $0.40-$0.43 region multiple times and acted as a strong demand zone. Nevertheless, the support is weakening with each retest, and it might break any time now. A breach of this support could potentially send ADA price to the $0.33 level in the short term.
Cardano is currently the 8th biggest cryptocurrency by the market cap. The layer one blockchain is backed by a very strong community, but the lack of on-chain development has decreased the investor interest. In terms of on-chain development, several smaller capped blockchains are already ahead of Charles Hoskinson’s project. Consequently, Cardano price has been in a downward spiral since hitting its all-time high of $3.09 in September 2022.
At the time of writing, Cardano crypto is trading at $0.437, which is 85.4% below its ATH. The recent rate hikes by US FED and the downtrend in equities have significantly contributed to this downtrend. Furthermore, according to Cardano news, the much-awaited Vasil hard fork proposal has been submitted. Within the next four weeks, the exchanges and application developers will be testing the upgrade before its launch on the mainnet.
Technical analysis of the Cardano coin shows that the coin has been in a constant downtrend since hitting $1.24 in April 2022. Last week, this negative price action also coincided with the downtrend in Bitcoin price, which tagged the lows of $17,600. ADA price has also failed to break out of the downwards trendline despite repeated attempts, hovering at the support once again.
If bulls hold the $0.40 support successfully, then $0.72 seems to be a valid Cardano price prediction in the near term. Nevertheless, this prediction is only likely to be met if the Bitcoin price regains the $20,000 level and heads for a relief rally. In case of a weekly closure below $20,000 for Bitcoin price, ADA might easily tank to the $0.33 price level.
If you are trading in these tough market conditions then it is highly recommended to subscribe to InvestingCube’s premium S&R Levels Indicator. The indicator’s recent ADA trade is playing out according to its analysis. It has already hit its 1st target of $0.434. This target also aligns with the $0.43 support level mentioned in our Cardano price prediction.
This post was last modified on Jun 30, 2022, 17:06 BST 17:06