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The late surge ended quite early, and amid the excitement of the Spot Bitcoin ETF, Cardano was one of the unluckiest. After the delayed rise, the price fell back below the $0.5 threshold, and the outlook is not very positive. So, what do the current price predictions tell us? Here are the details.
Cardano (ADA)
Since December 2023, the ADA Coin price has been falling below the resistance trend line on the daily chart. On January 23, bears pulled the price down to $0.45, taking advantage of the dominant selling trend to use the negativity in the price to their advantage for a long time. If we set aside the surprise recovery of the last quarter of the previous year, we can see that the ADA Coin price has been under the influence of this negative trend for a very long time.
Even though it later regained the support line, the ADA Coin price continues to linger around the $0.497 region as this article is being prepared. The price, nearly equal to XRP Coin, clearly shows how the recent gains were quickly lost.
The RSI on the daily chart also confirms the ongoing dominant sales, remaining below the neutral zone. However, the current view does not provide a definite projection for ADA Coin, as neither BTC nor the cumulative value chart has yet determined a direction.
ADA Coin Price Prediction
Short-term two-hour chart readings highlight a dominant downward trend for ADA Coin. After the recent recovery, it broke the rising trend line downwards on January 23, confirming that the upward movement had ended in the short term.
Even though there is a slight recovery in the RSI on this chart, it continues to move below the neutral zone. On the other hand, Altcoin Daily predicts that the ADA Coin price could rise to $4-5 in the next two years. However, the increasing competitive environment, the growing number of smart contract platforms, and Cardano’s slow development may indicate that this assumption could be overly optimistic.
If ADA continues to fall, it could lose another 5% and drop to the $0.47 region. The first support is at $0.47, and closures below this could lead to a drop to $0.41. On the other hand, if the support trend line is regained, we could see a recovery to $0.53.
