The price of Cardano (ADA) is giving mixed signals amid a sideways price action. The leading cryptocurrency seems to be gearing up for a major move after bearish accumulation. Let’s analyze the Cardano price chart on different timeframes to predict this move.
This week, ADA price has remained sideways due to the choppy price action of Bitcoin. Crypto market sentiment has been affected by the recent sell-off in the traditional markets. On Thursday, the native asset of Cardano changed hands at $0.247 after gaining 1.07% for the day.
According to the latest Cardano news, top digital asset exchange, Crypto.com has launched ADA staking in its app. The exchange also supports the staking of assets like AVAX, SOL, ETH, and DOT.
In other news, recently, there has been a spike in the developmental activity on the Cardano blockchain. However, the total locked value (TVL) has failed to experience any increase. For some reason, the project has been unsuccessful so far in attracting crypto users to its network.
Nevertheless, the project is still supported by a strong community that is very vocal about X (Twitter). The smart contract platform always finds a way to remain in the news.
Even though the ADA price chart shows a breakout from the downward trendline, it still lacks momentum. The bearish market structure on the daily and weekly timeframes remains intact for the smart contract coin. A reclaim of $0.30 resistance level may be a good sign of strength.
Another factor that if affecting the Cardano price prediction is the strength in Bitcoin price. The stability in the price of the biggest cryptocurrency is crucial for the health of the overall crypto market. Recently, the fear in the market has made investors prefer Bitcoin over altcoins.
This post was last modified on Sep 28, 2023, 12:05 BST 12:05