Cardano was up for a few days of recovery after the crypto market rebounded over the last weekend. At one point, ADA in fact managed to surge past the crucial $0.5 price. Many analysts expected the coin to consolidate above this but it has since pulled back below. So, what happens next for ADA? Here are some notable highlights first:
ADA has retreated slightly but could still retest $0.5 with improved sentiment
The coin will however need to see a surge in trade volume for this to happen
Failure to reclaim $0.5 could push ADA back to the $0.380 support in the short term
Data Source: TradingView
Cardano price analysis and prediction
After a major sell-off in crypto over the past week, the market began to recover this weekend. ADA in fact went above $0.5, a crucial support zone that it had managed to hold for a few weeks. However, the altcoin failed to keep the price there.
Instead, ADA retreated and is now trading at around $0.48. However, there is still an opportunity for the coin to jump above $0.5. But based on relatively lower trade volume, ADA may struggle to get there. Nonetheless, if bulls can somehow regain $0.5, ADA will need to surge past $0.55 to have any chance of staying above.
In fact, a sustained accumulation here could trigger a run towards $0.63 in the near term. But if weakness persists, ADA may see a major cliff dive that will push it towards its monthly support of around $0.380.
Will ADA rebound?
Well, ADA has actually been rebounding over the past few days. The pullback seen over the last 24 hours could be a bleep in an otherwise decent run.
But since sentiment in the market is yet to fully recover, it is likely ADA has faced a major loss of momentum. As such, a steadier decline could come in the days ahead.
Ndasi Tata is a Bitcoin entrepreneur from Cameroon, who holds an M.Sc in Blockchain and Digital Currency from the University of Nicosia. He is an advocate of Bitcoin in Africa and uses various social media platforms to promote his ideas and ventures. Tata has a background in state journalism and has established himself as a significant figure in the Bitcoin community.