Cardano Price Prediction As ADA Selloff Continues

Cardano price continued with its decline on Tuesday, as it traded at $0.434 at the time of writing after losing 0.37 percent of its value. Based on its current trajectory, the crypto asset is on course to retest new weekly lows, underlining control currently enjoyed by the bears.  The bearishness of ADA is certainly not in doubt, considering that it formed a death cross last week. In addition, it is down by 3.9 percent in the last week.

ADA has had a torrid run since mid-March, and this has been exacerbated by the failure of the Bitcoin halving event to spark a market rally. Also, unlike in the past, the project has not announced impactful partnerships, despite boasting of high scalability, security and speed.  These factors have demotivated Cardano’s community at a time when there are better options available, especially in the meme coin arena.

Cardano price formed a death cross on May 11

In the absence of a major project announcement in recent days, many ADA holders are looking to a potential listing on Gemini as a possible source of upward momentum. Gemini, one of the leading centralised exchanges in the United States, posted a complement-laden tweet on May 1 that was largely interpreted as a signal of a potential listing in the coming days.  Also, Cardano price could get a boost when the Chang Hard Fork is implemented in the second quarter of the year. This is expected to introduce decentralised governance to Cardano, giving the community a bigger say in the project’s decision making.

Technical analysis

The momentum on Cardano price is currently bearish-leaning, with the pivot at 0.438. The downside is likely to continue if resistance persists at that level. That will likely result in the first support being established at 0.433. A continuation of that momentum will likely break that support, building the momentum to head lower to 0.430.  However, a move above 0.438 will swing control toward the buyers, with the first resistance likely to be at 0.440. Furthermore, a breach above that mark will invalidate the downward narrative and potentially build the momentum to push up further to test 0.445.