As mentioned in our previous Cardano price prediction, ADA crypto failed to break above $0.55 once again. Consequently, the price is facing a sell-off amid a market-wide correction. The $0.54-$0.55 region has been acting as a strong resistance since the price broke below it in June.
Crypto markets are facing a pullback after a few weeks of positive price action. The rejection of BTC price from the $25k level has triggered a huge sell-off in altcoins. Nevertheless, the market structure on a daily timeframe is yet to be broken.
At the time of writing, Cardano price is trading at $0.537. ADA price lost 2% during Thursday’s trading session. On the higher timeframe, the coin is almost 83% down from its all-time high of $3.09. One major reason for this downtrend is the slow growth of the Cardano ecosystem as compared to other notable blockchains.
According to Cardano news today, Sygnum Bank has added ADA to its crypto staking portfolio. Sygnum is a digital asset bank based in Switzerland and Singapore. The firm’s staking offerings also include Ethereum’s ETH, Internet Computer’s ICP, and Tezos’ XTZ coins. You can trade all these coins on top exchanges like Binance, Kucoin, and BYBIT.
Cardano Price Prediction
A look at the ADA price chart shows that the price lacks momentum despite a breakout from the downtrend. While the price of Ethereum’s native asset ETH has doubled from its June lows, Cardano ADA has only gained 30% during the same time. One major reason behind the decreasing investor interest is the low on-chain activity.
As described above, Cardano price prediction depends on the bulls’ ability to reclaim $0.55. A reclaim of this region is likely to trigger a bullish move towards the 0.382 Fib level at $0.72. This price target also aligns with the 200-day moving average, which currently lies at $0.73.
This analysis also depends on the BTC prices. If BTC takes a nosedive, then ADA bulls might be in trouble. Therefore, it is advisable to keep the stops of any long trade below $0.50.
Cardano Daily Chart
