In the meantime, ADA was down around 2% today and was again the weakest top 10 coin. Late on Tuesday evening, the price of the native layer 1 coin of the Cardano blockchain was able to recover somewhat. Nevertheless, things are not going well for ADA holders – in the last 30 days the price has lost around 18% of its value, the discount from the record high from September 2021 is more than heavy at around 90%. For the past 24 hours, ADA has traded between $0.325 and $0.335 in a key price zone. Because the Cardano price tends to the lower end of the support. If the bears have enough strength to sink ADA below the indicated price level, the correction could continue. The Cardano price forecast:
Last chance with this ESG coin: crypto presale with 10x potential
Cardano price prediction: Technical outlook for the coming week
At press time, Cardano (ADA) was trading at exactly $0.3300. After the recovery had progressed in early 2023, the trend reversed in mid-February. The Cardano price slipped below the MA 50 again and recently had to give up the horizontal support level at around $0.34. However, the multiple support zone extends to around $0.32 – this is also where the bulls managed to halt the sell-off in the last 24 hours. Should this price level fall, another dip remains the most likely scenario, eyeing the psychologically important $0.30 level.
If the bears push the price below the price level, a bearish Cardano price forecast will focus on the price level of $0.29. Afterwards one could even target the level of the breakout from the beginning of the year. A retest of the historical low at $0.24 is also within the realm of possibility – especially if the macroeconomic stress factors are now really increasing and the crypto market is not resting either.
However, if the bulls regain control in the short term and specifically recapture the $0.34 price level and confirm it as of the daily close, the recovery could continue. The key price level would be $0.37. This is also where the MA 50 and MA 200 run. If ADA rises above this resistance, the recovery could pull above $0.40 very quickly.
The RSI is currently rapidly approaching the oversold zone, which may indicate a countermove towards the neutral zone. ADA was recently unable to generate any real buy signals. At the current price level, the chances on the short side should prevail.
Trading volume increased by 20% in the last 24 hours according to data from CoinMarketCap. Historically, however, the volume remains low, and buying pressure will probably not arise from here for the time being.
Developers Remain Active: ADA remains relevant to crypto whales as well
A common way to evaluate the potential of cryptocurrencies is to look at the activity of developers in the ecosystem. While this is an important metric, it should never be viewed in isolation.
The analysis website ProofofGitHub again shows the daily activity of the developers – Cardano remains in second place ahead of Ethereum, only Polkadot/Kusama register even more activity.
Not only the interest of the developers can be classified positively, but also of the large investors. Because crypto whales accumulated massive ADA, especially in February. Apparently, the price level here is considered attractive in order to achieve market-beating returns in the long term.
Should you buy Cardano (ADA) now?
After data from intotheblock 81% of ADA holders are currently out of the money. The majority of these are likely to be positions that are not being sold at the current price. This could limit downside risk. But ADA is currently not making any progress. Sooner or later Cardano has to deliver for ADA to be rated differently. Otherwise the opportunity costs will continue to add up, so that crypto investors prefer alternative investments.
From a purely technical point of view, a purchase is currently not an option – a trend reversal should be awaited so as not to immediately slide into the loss zone with the position. If the current price levels are abandoned, double digit losses should quickly materialize on a pullback to $0.30.
Anyone who does not currently find an attractive risk-reward ratio with Cardano could also rely on other cryptocurrencies. Especially in the lucrative market segment of presales, potentially attractive setups are also emerging in the ailing overall market.
Two new coins generating bullish momentum are Fight Out (FGHT) and C+ Charge (CCHG). The C+ Charge Token reached the $2.5 million milestone today. The next price increase for the ESG coin will follow tomorrow. Meanwhile, the innovative Move 2 Earn Coin Fight Out already collect over $ 5.25 million – investors in the current presale phase still have 2 days before the price is also raised. Attractive book profits beckon for both cryptos until the ICO at the end of March/beginning of April.
Author: Daniel Robrecht
After studying law and management, Daniel decided to work as a freelance author and has been writing qualitative publications on various specialist topics for around 10 years now. As an investor, he gained years of experience with stocks & cryptocurrencies. In addition to a long-term investment approach, Daniel is also passionate about short-term markets. Through targeted further training at international universities, he has acquired extensive knowledge about the capital markets, stocks, cryptocurrencies and decentralized finance. Daniel’s primary focus is on general market trends, exciting stocks, business news and the digital currency market. In his private life, too, there is never a day without the financial markets. As an author, Daniel writes for leading German-language publications in this field. Daniel publishes for Finanzen.net, among others, Business2Communityand FXStreet.de. Daniel on LinkedIn.
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