The bulls are responding well to our last Cardano price prediction. Although ADA price is still hovering in the same zone, the price is signalling a double bottom on the 4H chart. Nevertheless, the bulls must be cautious about celebrating as on the higher timeframe, the price is still bearish. After retest of the range lows at $0.42 twice, bulls are gearing up for another upwards push.
On Tuesday morning, markets showed a positive price action as the Bitcoin price broke above $20,000. The rejection of BTC and ETH from critical levels plummeted the price of both assets to the lower demand zones. The hawkish statements by FED Chair Jerome Powell also contributed to the bearish sentiment.
Currently, Cardano price is trading at $0.457. The native asset of the smart contract platform is slightly up from Monday’s highs. On a higher timeframe, ADA has immensely underperformed as compared to its competitors. The price of Ethereum and Polygon MATIC have surged by more than 200% within the past 2 months. You can buy Cardano by signing up on the Binance exchange.
According to Cardano news, the project is inching closer to its much-awaited Vasil upgrade. As per the official announcement from IOHK, the team is monitoring the three critical indicators that are required before triggering the major upgrade.
Cardano Price Prediction
The ADA USD price chart signifies a bearish accumulation on the higher timeframe. The prolonged sideways price action and the lack of any major news have intensified the downtrend. As a result, many long-term supporters of the projects are having a change of heart. Most traders are awaiting a breakout in some direction for further clarity.
Our Cardano price prediction will flip bearish if the price loses its $0.42 support. In such a scenario, the price could potentially dip to the $0.31-0.33 demand zone. This region might act as a good accumulation range from the long-term perspective.
Cardano Daily Chart
