- ADA’s market showed a potential support forming below $0.50.
Analysts predict ADA could reach new all-time highs, driven by historical trends.
As a researcher with a background in cryptocurrencies and market analysis, I’ve closely watched Cardano (ADA) over the past few months. The recent price action has been intriguing, to say the least.
It has been a rocky month for Cardano [ADA] and the rest of its altcoin siblings.
I’ve noticed an intriguing shift in the cryptocurrency market lately. While Bitcoin [BTC] remains steadfast above $63,000, Cardano [ADA] seems to have regained some momentum. At the moment of drafting this analysis, ADA has experienced a noteworthy surge of approximately 4%.
The catalysts behind Cardano
The significant increase we’re seeing is largely due to the highly anticipated “Alonzo” update, which brings the capability of smart contracts to the Cardano blockchain for the first time.
This technological improvement is predicted to significantly expand the network’s functions, bringing it more in line with Ethereum.
ADA’s growth is being significantly boosted by a string of strategic collaborations, most notably with the Ethiopian government.
As a crypto investor, I’ve noticed that May started off rough for ADA with bearish sentiment taking the lead. However, to my surprise and delight, ADA began making a solid comeback, rising nearly 4% and reaching a trading price of $0.47.
As a researcher studying the cryptocurrency market, I’ve observed a noteworthy development with this particular token. Its market capitalization has surpassed $16.33 billion, which is an impressive milestone. This bullish trend may serve as the catalyst for pushing the token to reach new heights and touch its all-time high once again.
What the metrics say
As a crypto investor, I delved deeper into ADA‘s market standing by analyzing data from Coinglass in great depth. The inflow of ADA into spot exchanges has been lackluster, while the outflows have persisted at high levels.
As a researcher studying the cryptocurrency market, I observed noticeable surges in trading activity, predominantly in short positions, during periods when ADA‘s price experienced considerable downturns. This observation suggests that traders were either making bearish bets on the price or reacting to the declines.
As a crypto investor, I’ve noticed that substantial amounts of short selling could be contributing to the current price decline or anticipating an impending market downturn based on the available data.
The muted buying interest in extended positions indicated a weakened demand for price increases to last.
During this timeframe, I detected a bearish attitude among traders. They may have been taking advantage of or forecasting a decrease in ADA‘s market worth.
According to AMBCrypto’s analysis using TradingView, the trading volume of ADA remains subdued, indicating a potential period of market consolidation.
Based on the available data, the market behavior of Cardano from February to April can be described as a fierce battle between bearish and bullish forces. Consequently, investors currently hold conflicting views regarding the cryptocurrency’s future price direction.
Based on the most current figures in May, the cost seems to have levelled off slightly below the $0.50 threshold, following a decline from its previous peak in April.
This suggestion implies a possible zone of resistance, where buyers are starting to intervene, thus hindering any additional price drops.
As an analyst, I’m shifting my focus to examine the potential future trajectory of ADA. Notably, Altcoin Daily anticipates that ADA may surpass its previous record highs this year, with a possible price peak of $9 by the third quarter of 2024.
Read Cardano’s [ADA] Price Prediction 2023-24
“Analyst Ali Martinez, known for his insights, shares my optimistic perspective, drawing on past patterns to bolster his forecasts.”
The expert noted that, much like the occurrences seen in 2019, ADA‘s recent 50% price decrease might represent an excellent buying chance for investors. Consequently, his prediction was that ADA would reach a new peak price of $9.982.
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2024-05-11 12:07