Cloud Hosting

Subscribe to updates Unsubscribe from updates

Cardano (ADA) price has flipped bearish on all timeframes after an intense sell-off last week. While the bulls are holding up a key support level so far, they are yet to gain any momentum. The latest analysis reveals a key level on the chart which must be reclaimed by the bulls as a sign of strength.

Don't miss your 10055 USDT rewards.

On Wednesday, altcoins are showing some recovery as BTC price rebounded from fresh weekly lows. ADA price outperformed Bitcoin and was up 0.70% till press time. From its last weeks lows, Cardano is trading 9.5% higher.

The latest data from DeFi Llama shows that the total locked value on the Cardano blockchain fell from $188M to $160M in August. This translates into a 15% drop in less than a month. This TVL decrease can be attributed to a decline in Cardano price during the same time.

The project continues to be backed by a strong community of holders. However, the network activity is still way behind most major blockchains like Ethereum, Polygon, and Binance Smart Chain. Cardano is also often criticized for its slow development since its launch.

A look at the following ADA price chart reveals that the $0.22-$0.24 region is acting as a strong demand zone. After last weeks sell-off, the price retested this demand zone and bounced again. A breakdown below this strong support level would make Cardano price prediction extremely bearish.

In this cataclysmic scenario, the bears may target the ley psychological level of $0.01, which is the next major support on the monthly chart. In case of a rebound from the current level, bulls must reclaim the $0.30 resistance level.

Ill keep posting my updated outlook on Cardano on my Twitter, where youre welcome to follow me.

This post was last modified on Aug 23, 2023, 10:28 BST 10:28

Read more:

Cardano Price Prediction ADA Price Must Reclaim $0.29 - InvestingCube