The post ADA Price Analysis: Is Cardano Dead? What Traders Can Expect? appeared first on Coinpedia Fintech News
The top cryptocurrencies started moving close to their crucial support levels again, indicating a possibility of a huge bearish turnaround in the crypto space soon. Bitcoin and Ethereum repeatedly fail to start a bullish movement as the market is experiencing constant setbacks, with September price volatility being the latest one.
Since the market crash in 2022, ADA has been unable to perform as the coin is presently trading at a whopping 92.12% discount post-crash. Moreover, top Crypto Analysts also showcase a silent treatment toward the coin, indicating a disinterest among the analysts for the ADA crypto.
The Cardano ADA coin has displayed weak social sentiments for quite some time now, indicating weak price movement for the crypto in the market. Since August, Cardano price has been constantly losing its value and further showing no signs of a bullish movement.
The RSI and MACD indicators have displayed a sideway trend since mid-August, indicating very weak buying and selling pressure within the market. The coin is showcasing a high possibility of another price drop in the coming time. Moreover, the coin displays a weak price action, indicating an uncertainty in the future price movements for the coin.
Does Cardano Have A Future?
Answering the question in simple terms, YES, Cardano has a bright future ahead as it has been the Ethereum-killer for a long time now and is currently holding its place in the top 10 cryptocurrencies and is also one of the most prominent projects the industry has ever given. Cardano(ADA) has gained over 1,300% in value since its inception. Further, the coin is predicted to regain the $1 mark by next year.
Now, talking from the short-term perspective:
The ADA coin has been trading in a consolidated range since mid-August. First, it was seen trading between $0.2717 and $0.2542 for almost a month, after which the market failed to hold the price, and the coin broke its support level. Since then, the coin has been trading in a range between $0.2542 as its resistance and $0.2381 as its support, where the coin has failed multiple attempts to break out of the range.
If the bulls manage to gain power and the coin breaks out of the consolidated range towards its resistance, then ADA price will experience a bullish movement and will make a run and test its upper resistance of $0.2717 by the month-end.
On the flip side, if the market fails to build bullish momentum, the price will experience another dip in its value. Moreover, if the coin fails to hold its support level, the price will continue to fall and will test its crucial support level of $0.2197 this month.