- ADA’s Market showed a support potential forming beneath $0.50.
- ADA is expected to reach a new high, according to analysts. This prediction comes from historical trends.
This has been an incredibly difficult month. Cardano [ADA] And the rest of their altcoin sisters.
What now? Bitcoin [BTC] ADA seems to have come to life again, as it has seen a 4% rise since the beginning of this year. article was being written.
Cardano: The driving force behind the cryptocurrency
A key driver behind this upswing is the much-anticipated ‘Alonzo’ upgradeCardano now has smart contracts.
The network will be able to perform much better with this technological advance, as it is more similar to Ethereum.
The ADA surge has been fueled by a number of strategic partnership, notably those with the Ethiopian authorities.
Despite a shaky beginning to the month of May in which bears were gaining ground, ADA is making a great recovery. The stock has risen almost 4% since its low trading price to $0.47.
The token’s market capitalization has risen to $16.33 billion and could be a sign of a bullish mood that will lead it towards its highest point.
What the metrics are saying
AMBCrypto conducted a thorough analysis of ADA to better understand the market’s position. data Coinglass. The inflow of ADA into exchanges remains weak while outflows remain high.
There were notable spikes in volume of trading, especially in short positions. This coincided with the sharp drop in ADA price. It is clear that traders are either betting or reacting on price declines.
This data suggests also that large amounts of short-selling are either driving down the price or responding to predicted declines.
It was evident that the long positions were relatively quiet throughout, indicating a lackluster buyer’s momentum.
The traders may have been anticipating or capitalizing on the declines in ADA’s value.
AMBCrypto has a new look at data TradingView showed that ADA trading was at a low level, indicating that the market may be in a consolidation phase.
Cardano’s February-April market fluctuations were a tug-of war between bears vs. bulls. The mixed feelings in the market are now a result of this.
The price of gasoline appears to have stabilized slightly under the $0.50 level, following the recent drop since the April high.
The bulls have begun to take over the area where this stabilization occurred, and prevent further losses.
Analysts have adjusted their lens to predict ADA’s potential. Altcoin Daily, for example, is predicting ADA is expected to reach new highs in 2019, potentially as high as $8 by the third-quarter of 2024.
Click Here to Read Cardano’s [ADA] Price Prediction 2023-24
Ali Martinez, an influential analyst, also supports this optimistic outlook. He bases his forecasts on historical trends.
Experts pointed out the recent ADA price drop of 50% could represent a great opportunity for investors, similar to what was observed in 2019. He said that he was going to do it. forecasted ADA reaches a new record high of $9.982.
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Source: ambcrypto.com