The upcoming Vasil upgrade presents a fresh challenge for Cardano. Based on existing patterns and estimates, analysts and experts have bearish predictions for the coin.
The cryptocurrency dropped out of the top five by market value, but it was still able to hold onto some of its recent gains, outperforming Ethereum and other coins.
In recent months, the Cardano price was sideways on short timescales after ending a significant slump. Early in 2022, the cryptocurrency finally fell below the $1 mark, which sparked further declines and sent Cardano back to its levels from the previous year.
ADA price prediction
Cardano price reached the swing low of $0.460 on September 13 and formed a double bottom around $0.450, forming the sixth liquidity run on a twelve-hour chart. This change sparked a reversal that has caused ADA to increase by 5.82% thus far.
The immediate barrier at $0.505 might be easily tested again by the ADA bounce. Since the price of Cardano reached a higher high at $0.521 than the swing high from September 6 at $0.512, the trend appears to be in favor of bulls. The current recovery rally may therefore aim for the $0.530 resistance level.
Despite a bleak forecast for the whole cryptocurrency market, Cardano’s bull flag is developing. The price of ADA has increased by more than 6% during the last two weeks.
The so-called “Ethereum-killer” would likely see its upside limited if ADA retests $0.530, having gained 17%. Additionally, this action would have generated a higher high in comparison to the previous higher high, which was created on September 10 at $0.524.
On the other hand, the bullish thesis for ADA will be discarded if Cardano price creates a lower low below the $0.450 mark. Cardano’s price may drop to the stable support level of $0.435 as a result of this development.
Was this writing helpful?
Be the first to comment