After a bullish breakout, Cardano’s (ADA) price, one of the top cryptocurrencies, is now slowing down, leaving investors wondering if it can regain its momentum and test $0.45 again.
In recent weeks, Cardano’s price jumped thanks to its smart contract platform and growing adoption. This movement has driven ADA’s price up, but can it sustain the growth?
Currently, ADA’s price is around $0.38, down from its recent high of $0.42. This slowdown has triggered concerns that the upward trend might be losing steam. However, experts believe this is a normal correction phase. “Cryptocurrency markets are volatile, and corrections are necessary for growth,” says John Buhl, a crypto analyst.
Regaining Momentum
Cardano’s ADA recently bottomed to a 10-month low of $0.279, a challenging drop for long-term holders. However, ADA has since rebounded to around $0.37, sparking renewed interest.
The upcoming Chang Hard Fork could be a game-changer for Cardano, introducing a new governance system that decentralizes control and empowers the community. If successful, this upgrade could significantly boost market sentiment around ADA.
The ADA chart indicates a possible five-wave move to the upside, but the recent price dip has reduced the chances of a strong bullish phase. The move now appears to be forming a diagonal structure, requiring waves three, four, and five to complete, potentially pushing the price to around 48-49 cents.
Uncertainty remains, as the price must hold above the recent low of 34 cents. If successful, ADA could climb to 43-45.6 cents. However, a fall below the support zone of 33.6-35.9 cents might continue the downward trend. Bitcoin’s performance is crucial, as it could influence ADA and other altcoins. A Bitcoin breakout above its resistance could boost the altcoin market, including ADA.
With bullish technical patterns and a major upgrade on the horizon, ADA is poised for a potential breakout. ADA is currently testing the 50-day moving average, a critical resistance level. A breakout above this could push ADA towards the 43 cents range, leading to even higher gains, making this a crucial point for ADA investors.
ADA Shows Bearish Signs
Source: Coinfomania
Per Coinfomania expert price prediction data, ADA is currently trading at $0.370 with a forecasted increase of 12.76% to $0.406 by 3 September 2024. Technical indicators suggest a ‘Sell’ market sentiment. Over the last 30 days, ADA has seen 16/30 green days, reflecting a 53% positive trading trend. With a price volatility of -5.87%, ADA exhibits moderate fluctuations. In the past 24 hours, ADA has experienced a positive trend of 5.25% since yesterday. The live market cap stands at $13.18 billion, with a circulating supply of 35,629,456,291.502 coins out of a maximum supply of 45,000,000,000 ADA.
Source: Coinfomania
Based on our technical analysis, Cardano Coin’s200-day SMA is projected to ascend over the next month, with the simultaneous short-term 50-day SMA expected to reach $0.38 by the same date.
The Relative Strength Index (RSI) currently stands at 45.56, indicating a Neutral market sentiment for Cardano.On one hand, experts have mixed opinions on whether ADA can regain its $0.45 mark. Per CoinCodex, ADA’s price is expected to have a -1.67% decrease and drop as low as $0.34 by August 30, 2024. On the other hand, BeInCrypto suggests that ADA’s price might jump to $0.39 if it can evade dropping below the $0.34 support. Similarly, some estimates predict that Cardano will exceed $10 by 2030, while other experts believe it will drop to $0.21.
The post Cardano (ADA) Price Prediction, August 29: Can ADA Regain $0.45, or Is the Upward Trend Slowing Down? appeared first on Coinfomania.
