Price Analysis

Is Cardano Dead? This is Why ADA Price is Primed to Sink to New All-Time Lows?

Author: Sahana Vibhute

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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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Highlights
  • The price of Cardano is rapidly falling, and it is anticipated that it will continue in this direction and soon reach the lowest support level of $0.2.

  • However, with the end of the crypto winter, the price of ADA is anticipated to recover significantly, providing a good entry point for investors to go long.

The bears appear to have heavily suppressed the Cardano price which has now is discovering new bottoms close to the previous ones. Ever since the price slashed below the crucial support levels at $0.385, the token appeared poised to regain the lost level. But with the recent developments, the possibility of a bullish reversal is waning away. 

In such a scenario, the top 8th crypto may continue to find new bottoms and eventually exit from the top 10 crypto lists very soon. Undoubtedly, the long-term forecast of the crypto space is notably bullish, but the ADA price may continue to find new ATL (All-Time Low). 

So will ever ADA price recover back above $1? If yes, when is a good time to enter?

Source: Tradingview

The ADA price presently is trading between the 200-MA & the 50-MA levels. On the other hand, the average volume is also depleting which indicates the market participants might have lost interest over time. Moreover, after dropping below $0.38 levels, the assets have been largely stuck in a side channel. 

Meanwhile, the VASIL hard fork which went live recently enhances the network’s performance. The platform may now handle 1700 transactions per second and its utility goes beyond the NFTs. Despite the growing ecosystem, still ADA price appears to be poised to form a new ATL very soon. 

Reaching the ATL always invites long-term highs, as it attracts investors to enter the ring, while the end of the crypto winter is on the tables. Therefore, uplifting the ADA price above the crucial resistance levels. However, the long-term forecast is pretty bullish which may lay down a strong ascending trend in the upcoming months. 

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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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