Cardano price continues consolidation: Will ADA recover?
At the beginning of 2022, ADA was trading around $1.63. but currently, at the beginning of 2023, it is trading around $0.25, which suggests a massive loss of value for Cardano. The long-term downtrend...
At the beginning of 2022, ADA was trading around $1.63. but currently, at the beginning of 2023, it is trading around $0.25, which suggests a massive loss of value for Cardano.
The long-term downtrend discourages retail investors from investing their hard-earned money in such a digital asset. Overall, the long-term performance of the token has been in a downtrend, and it is tough to predict the bottom for ADA. However, read our Cardano prediction to know the most likely performance of the token for the next few years.
On the daily chart, there is an increase in trading volume, but candlesticks are forming in the lower Bollinger Bands with negative RSI that suggest a downtrend, so it may break the support around $0.25 and continue the downtrend for the next few months.
Even on the weekly chart, RSI is below 30, and candlesticks are forming in the lower Bollinger Bands, suggesting extreme bearishness for the long term. It does not suggest a buying momentum at the current price. If you are interested in investing, please wait for a few months until it forms strong support, around $0.16.
On Twitter, the Cardano community posted the following highlights of 2022:
- They performed impressive on-chain growth in transactions, wallets, and native tokens.
- They joined hands with many new partners.
- Held Cardano Summit 2022 on November 19-21.
- Took part in 20+ events around the world.
- Reviewed 50+ Cardano Improvement Proposals (CIPs).
However, the previous year was not great for ADA price. In this downtrend, $0.44 will be a resistance for ADA, and you should invest for the long term when it decisively holds this level.
Before that, we do not encourage you to invest your hard-earned money in such a volatile asset. Moreover, experts predict more volatility in cryptocurrencies in 2023, so you have to keep a close eye on your crypto portfolio and book profit at the right time. However, it is time for the trader to pick the right momentum and get the benefits of short-term trades.
Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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