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10/28/2024

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Cardano Price Prediction: Analyst Says 80-90% Correction Is Over With 100% Jump Imminent

The Cardano price has faced severe downward pressure compared to other cryptocurrencies in the past few weeks. ADA recently started a fresh drop below the $0.3550 zone and is now down by about 15% in the past...

Cardano Price Prediction: Analyst Says 80-90% Correction Is Over With 100% Jump Imminent
Cardano (ADA) Eyeing $0.40 Break

The Cardano price has faced severe downward pressure compared to other cryptocurrencies in the past few weeks. ADA recently started a fresh drop below the $0.3550 zone and is now down by about 15% in the past 30 days. 

This lackluster performance has kept many ADA holders in the red zone, with unrealized losses mounting as the price continues to struggle. As a result, it is only natural for many to keep selling to reduce their losses, which in turn could cause the ADA price to keep falling, at least in the short term.

Analyst Says Cardano Price Is Already 80 To 90% Into Correction

The current ADA price action is very difficult to deal with, especially for long-term holders who have continued to hold despite the laggard performance. According to an analyst on TradingView, the best way for these ADA holders to keep approaching the ADA price outlook is to keep holding. This is because the drop is already quite advanced and we can say that 80 to 90% of the correction is already over for this pair.

To put things in perspective, Cardano is currently trading around 56% below its 2024 high of $0.7742, despite broader market rallies seen in September and October. According to crypto analyst Alan Santana on TradingView, ADA appears to be consolidating around the same price levels seen in November 2023, showing limited upward momentum.

In comparison, most other large market cap cryptocurrencies like Bitcoin, Solana, and BNB are already on their way to retesting their 2024 highs made in the first quarter. 

Interestingly, there exists a possibility of Cardano dropping lower in the coming months, especially if Bitcoin were to correct massively. However, as analyst Alan Santana pointed out, Cardano is already almost done with its corrections. As such, a fresh drop in the ADA price wouldn’t be a super strong drop and would last only a few days or maximum a few weeks. 

Sustained Long-Term Growth For ADA

According to Santana, selling ADA now may not be the best move, especially for those who have held throughout the corrections. This is because prices are already really low for ADA, and is already in the accumulation zone. As such, a prudent action would be to focus on the long term and wait until the next bull market enters in full swing. 

Santana’s price projection for ADA suggests that while another slight drop could occur, it would likely be followed by a gradual recovery from November 2024 to February 2025, with a more significant bullish phase expected to gain momentum by March 2025. By that point, Santana forecasts a potential return for ADA above $0.70, representing a 130% increase from its current price levels.

At the time of writing, ADA is trading at $0.3371, having increased by about 1.25% in the past 24 hours. 

Cardano price chart from Tradingview.com
ADA price moves up again | Source: ADAUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

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