Cardano Price Prediction – ADA Gains Bullish Momentum, 20% Move Possible?

cryptonews.com:

The cardano price has risen by 1% in the past 24 hours, reaching $0.436511 as of writing. This is also a 2% rise over ADA's seven-day low of $0.427901, with the altcoin recovering slightly after this week's minor selloff, which was brought on by the ongoing negative macroeconomic environment.

In terms of fundamentals, ADA remains arguably one of the strongest cryptocurrencies in the market, given the depth and breadth of the Cardano ecosystem, which has continued to grow during 2022's bear market. And with the market continuing to undervalue and oversell it, a significant rise of around 10% or 20% is more than foreseeable in the short-term, with ADA already having witnessed such spurts this year.

ADA's current price represents a 5% drop in the past week and a 6% fall in the last 14 days. In other words, it's still at a low ebb, with its chart alone suggesting an upswing sooner or later.

ADA's indicators support this interpretation, insofar as they reveal overselling. Its relative strength index (purple) is hovering around the 40 level, while its 30-day moving average (red) is below its 200-day (blue), signalling a greater likelihood of rises rather than further falls.

Looking at ADA's price chart over the past 12 months, observers will find numerous instances where the altcoin has risen by more than 10%.

For example, with its price at $0.429619 on August 29, ADA climbed to $0.521808 by September 10, completing a 21% jump. Even more impressively, it rose by 40% between July 14 and August 14, when it reached $0.594002.

Other examples aren't hard to find, with ADA moving up by 51% between March 16 of this year and April 5, when it stood at $1.21. Obviously, its price and the wider cryptocurrency market have subsided significantly