Will Cardano Recover Anytime Soon?

Analysts from Crypto Capital Ventures predict Cardano (ADA) is on course for a recovery run after previous dips. 

The analyst highlighted Cardano’s strong position in the crypto market due to its security, decentralization, and scalability despite facing a negative campaign from certain VCs and protocols. The analyst also pointed out an instance involving the head of the ecosystem at Aptos Labs, who criticized Cardano and suggested a coordinated effort against the platform. Despite such challenges, the analyst emphasized its decentralized nature and community-driven approach, which he believes are critical factors driving its recovery.

Furthermore, he termed the current bull market an opportune moment for investing in cryptocurrencies like Bitcoin, Cardano, and the Base Network. Based on its fast-growing community, the analyst anticipates an explosion of the Base Network. Some analysts also speculate that ADA could pump to $150 in the long term, while some predict it could soon bottom.

According to another analyst, Ali Martinez, nothing much has changed for Cardano, as the altcoin is precisely where it should be. Ali cites that ADA is consolidating in the $0.55 to $0.80 range, followed by a breakout to $1.70.

Nothing has really changed for #Cardano. $ADA is exactly where it should be, consolidating in the $0.55 to $0.80 range before a breakout to $1.70! https://t.co/414rFQhxLf pic.twitter.com/Djx9YqOp7F

— Ali (@ali_charts) April 9, 2024

Cardano Market Outlook: How Is ADA Doing Today?

Looking at an in-depth analysis, Cardano (ADA) was trading at $0.58 as of 3:50 p.m. UTC, having experienced an increase of 1.18% in the last day, as per CoinMarketCap stats. We notice a rising wedge pattern, typically considered bearish in technical analysis when we check ADA charts. This pattern suggests that a reversal might be imminent despite the recent uptrend.  

1-hour ADA/USD Chart | Source: Tradingview

The Average Directional Index (ADX) is 14.89, indicating that the current trend is weak or the market is range-bound. The Money Flow Index (MFI) is 51.83, indicating that the asset is neither overbought nor oversold. However, its northern trajectory towards the overbought region could suggest a continuous price increase.