Cardano Price Prediction: Prices Dropping Despite Recent Growth in Users

Cardano’s price is up by almost a percentage point after a tough trading session yesterday, which saw the cryptocurrency lose more than five per cent. Today’s price gain is also a continuation of a two weeks resurgence of the crypto. The resurgence has seen Cardano’s prices increase by over 30 per cent. Unfortunately, the price resurgence also comes amidst a two-month-long, strong bearish move that has seen Cardano lose 58 per cent of its value.

Today, Cardano is working on bringing new changes to the platform. This includes the much anticipated Vasil Hard Fork, which is set for June 29, 2022. The hard fork is expected to improve the Cardano platform as well as its current smart contract platform.

In the past few months, despite losing in the markets, Cardano has also seen a growth in the number of wallets on their platform. According to data from Cardano blockchain insights, the past 30 days have seen 70,000 additional Cardano wallets. The growth is very significant considering the cryptocurrency’s price drop in the past few weeks.

Cardano Price Prediction

Today’s trading session is showing bullish signs in the morning hours. This is despite yesterday’s session dropping by more than 5 per cent and continuing two months-long aggressive bear run that has resulted in prices dropping by 58 per cent.

Looking at the chart below, we can see the prices recently hit the $0.39 support level. This resulted in a bounce from the support level that has seen prices rise by over 30 per cent. The chart also shows that, for months, the prices have been trading within a descending channel. However, the past two weeks are an indication that the trend may be changing.

Therefore, I expect the prices to continue rising, likely trading above the $0.65 price level in the next few trading sessions. However, if the prices close today’s trading session below $0.490, then my analysis will be invalidated. It will also mean a likely bearish trend continuation.