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Bitcoin regained its $26,800 support today, putting an end to the losses in altcoins following yesterday’s sell-off. We will likely see the SEC’s approval of GBTC’s decision today, which is good news despite all the negativity. So what does this mean for ADA Coin? Let’s discuss the current data and price targets.
ADA Coin Price Forecast
The price of ADA Coin has been fluctuating since July, reaching a triple bottom. The $0.24 support area, which has been maintained throughout 2023, is promising for investors. The triple bottom formation occurred within this support area. The readings on the daily chart indicate a steady decline in price since reaching a peak of $0.46 in April. Apart from temporary rises and support violations, the price has held at $0.24.
Although ADA Coin briefly dropped to $0.22 on June 10, the bulls regained support. A triple bottom formation occurred with the drops on August 17 and September 11. This formation actually indicates the start of an upward movement. However, ADA Coin has not yet made the expected move.
What is Cardano founder Charles Hoskinson doing? He is currently busy with SBF. The problem lies partly here, as we mentioned that Hoskinson is a significant factor when talking about Cardano’s chronic issues. Despite competitors like Polygon, Hoskinson does not contribute positively to the project. His disputes with the community are also a factor.
ADA Coin Price Predictions
The RSI on the daily chart indicates that an upward move may be starting. Moreover, the triple bottom formation of the RSI during its formation shows a significant bullish divergence.
On September 15, ADA Coin attempted to break out of the declining resistance trendline and gained momentum at the beginning of October. We saw a peak of $0.27 on October 2. If we are to see a new upward attempt, the target price could be $0.31. This area corresponds to both the 0.5 Fibonacci retracement resistance level and a horizontal resistance zone.
Reclaiming the critical zone will confirm the triple bottom formation and convey to cryptocurrency investors that the downtrend is over. However, if the ADA Coin price falls below the $0.24 horizontal zone, the expectation of a triple bottom and upward movement will reverse.
In the bearish scenario, it is likely that the price will drop to $0.18.
