Not much has changed since our last Cardano price prediction. ADA price is still trading inside the same range as mentioned in our last update. The price appears to be range-bound between the $0.42-0.54 range. ADA attempted a breakout last week but failed. After a rejection, the price is retesting the range lows once again.
Due to the ongoing Bitcoin slump, crypto markets are in a downtrend once again. The rejection of BTC and ETH from critical levels has shaken investor confidence. The hawkish statements by Jerome Powell have further intensified the bearish sentiment.
Currently, Cardano price is trading at $0.44. The native asset of the smart contract platform is 4.5% up within the past 24 hrs. ADA has immensely underperformed as compared to the other Layer 1 blockchains. The price of Ethereum’s native asset has almost doubled within the past 2 months. You can invest in Cardano by signing up on Binance within a few minutes.
According to Cardano news, Cardano Summit 2022 has been confirmed. The biggest event of the smart contract platform will take place from 19th-21st November in Lausanne, Switzerland. The 3-day event would feature 50+ community-led events around the world while also ensuring virtual attendance via live stream.
Technical analysis of the ADA USD price chart depicts a bearish accumulation in progress. The prolonged sideways price action and the lack of any major news have bored investors. Consequently, many long-term proponents of the projects seem to be having second thoughts. Most traders are awaiting a breakout in some direction before opening any position.
Our Cardano price prediction would become extremely bearish in case of a daily closure below the $0.42 level. On the other hand, a reclaim of the range highs, i.e. $0.54, might result in a massive upwards push. If you intend to play this setup, then a stop loss must be placed to avoid a fakeout.
This post was last modified on Aug 29, 2022, 21:27 BST 21:27