Price Analysis

Cardano Price Analysis: ADA Price Can Hit This Level In the Next 12 Hours

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Cardano crypto price has been trading within a deep bearish well for quite a long time and has reached the lowest-ever levels in the past 20 months. While the scope for a rebound & a strong recovery has faded, reviving the possibility of a bearish close for the month. However, the prices are still expected to rebound finely, eliminating the bearish captivity at the earliest. 

The Cardano Vasil hard fork recently went live to improve the platform’s throughput. While the project performance rose considerable, the impact on the native token ADA crypto remained significantly less. Hence the price maintained a descending trend and presently hovering within a very narrow range for the past couple of days. 

The ADA price in the short term is trading within a symmetrical triangle, intending to rise towards the upper resistance. As the RSI of the crypto is ranging high along the lower trend line, the price is also expected to rise accordingly. Once the price reaches the apex of the triangle, a massive breakout is expected that may elevate the price close to or beyond $0.4. 

However, this upswing may be time-consuming but if the price volatility increases during the day’s close, one can expect the levels to surpass $0.4 before the day’s end. 

Cardano is manifesting huge possibilities of outpouring traditional cryptos such as Ethereum in the coming 6 to 10 years. As per Ben Armstong, the founder of BitBoy Crypto, ADA may even surpass ETH’s market cap in the coming years, as ETH is believed to experience a liquidity crisis very soon. Therefore, while the yearly close may be bearish, the trade set up for the coming years could be extremely bullish for the ADA crypto price. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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