Cardano Price Prediction: Why July May Not Be Different

Cardano’s price has traded sideways for the past 8 trading sessions. Today, the crypto is down by a percentage point, and it is likely that we will continue to see the prices fall throughout the session.

Cardano’s Recent Price History

Despite the trend being sideways, today’s drop in price is a resumption of a long-term trend that peaked in the past few months. In June, Cardano’s price dropped by 26 per cent. The price drop was an extension of the previous two months, where prices dropped by 17 and 33 per cent in May and April, respectively.

The Cardano price drop has partially been due to the current cryptocurrency industry bear market that has affected almost all altcoins. However, there have also been other market factors, such as inflation and a looming recession, that have seen investors sell off their risky crypto assets such as Cardano, hence pushing its prices down. Unfortunately, all these factors will likely continue throughout July and may impact Cardano’s ability to recover in the markets.

Cardano Price Prediction

In the chart below, Cardano is down by a percentage point, continuing a bearish trend that started yesterday. The chart also shows the prices being in a long-term sideways market that has lasted for over a week.

However, despite the current sideways market, there is a high likelihood that the previous bearish trend will continue. This is based on historical price action that resulted in the crypto dropping by 26 per cent in June and the year-to-date data showing a 65 per cent Cardano price decline.

Therefore, after the current sideways market is done, my Cardano price prediction expects the price to continue moving downwards. There is a high likelihood that we will see the prices drop below the $0.40 price level. I expect the price to continue dropping until it hits the $0.3 price level.

However, should the price trade above the $0.65 resistance level, my analysis will be invalidated. It will also mean a possible bullish trend has started if the prices trade at that level.