Cardano(ADA) Price Prediction: ADA Hit All Time Lows below $0.75, Faces 35% Upside Risk!
Cardano (ADA) price trades with heavy losses on Thursday. Russia-led military operations into Ukraine send tremors through the markets. Riskier assets were hard hit including global stocks and cryptocurrencies. Nasdaq fell more than 1%, while the Dow Jones Industrial Average lost 1.95%.
- Cardano’s (ADA) price falls more than 7% on Thursday.
- ADA could expect an upside of 35% from the current levels.
- RSI remains in an oversold zone warning against aggressive bids.
The global crypto market wiped out nearly 10% of its value amid the ongoing truce between Russia and Ukraine.
As per the CoinMarketCap, the 24-hour trading volume of the eight largest cryptocurrencies by market cap is being held at $3,152,200,460 with 92% gains.
In a recent update, Cardano Blockchain Insights reported wallets for Cardano’s native currency ADA surpassed the $3 million mark. As per the Electric Capital research report, Cardano nearly doubled its developer base in 2021.
Cardano reclaims $0.80
Cardano’s (ADA) price action has been on the continuous downside after testing the record highs in September at $3.09. Now, the price hit all-time lows at $0.74 in today’s session. It is further recovered to the psychological $0.80 level, which could provide some relief to the ADA buyers. Going forward, it could act as a reliable support level for the asset.
However, in technical terms, the formation of new highs or lows accompanied by above an average volumes in some cases acted as a ‘reversal’ pattern.
ADA tested record lows with higher volumes, a bounce back to 35% can not be ruled out at the critical $1.0 level.
On the flip side, a spike in sell orders could imbalance the equation and would force ADA to make fresh new all-time lows.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) reads at 30 as it approaches the oversold zone.
MACD: The Moving Average Convergence Divergence (MACD) trades below the midline with receding bearish momentum.
- Coinbase CEO Says Market Structure Bill Will Pass by Year-End Despite Government Shutdown
- Breaking: Trump To Meet China’s President On October 30, Bitcoin Bounces
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
