Cardano Looking Bullish: Analyst

An analyst from LuckSide Crypto predicts Cardano (ADA) is looking bullish right now based on its current dynamics. 

The analyst acknowledges his erroneous prediction that ADA would not exceed $0.4. He admits the cryptocurrency has experienced a significant drop, with losses between 5 and 15%. Despite this setback, the analyst remains confident in ADA and the Cardano blockchain, which is to hand out its treasury to the community. He cites ongoing fundamental improvements such as new partnerships and increased daily active users.

The analysts’ previous prediction that ADA would maintain a price floor of $0.4 has proven inaccurate. Like many others, the cryptocurrency has seen a substantial decrease in value. The analyst points out that ADA’s drop is part of a larger pattern affecting the entire market, with losses ranging from 5% to 15%.

Despite the downturn, the expert believes strongly in the future of ADA and the Cardano blockchain. He emphasizes that the current price does not accurately reflect the project’s value. According to the expert, several vital developments underscore the continued strength of ADA and Cardano. New partnerships promise to enhance the blockchain’s utility and increase daily active users, signaling growing interest and engagement with the platform. This comes as other analysts predict the token is poised to explode soon. However, others indicate that the token is yet to hit its low.

Cardano Price Review: How is ADA Doing Today?

Analyzing Cardano price charts, we see that the Supertrend indicator shows a bearish trend, indicated by the red-shaded area above the price candles. The current Supertrend resistance level is around $0.4053. The bearish trend will likely continue if the price remains below this level.

4-hour ADA/USDT Chart | Source: TradingView

Looking at other indicators, we see that the Volume Oscillator is currently at -24.90%, indicating that the volume is decreasing. A decreasing volume in a downtrend suggests that the selling pressure is weakening.