Cardano Price Prediction: ADA Jumps 0.5% – How High Can This Coin Go?
The Cardano price has risen by 0.5% in the past 24 hours, reaching $0.246018 as the cryptocurrency market as a whole makes a similarly modest move today.
ADA is now down by 2.5% in the past week and by 6.5% in the last 30 days, while the altcoin is also down by 1.5% since the beginning of the year, in contrast to numerous other major tokens (e.g. BTC, ETH, XRP).
Yet ADA's underwhelming performance over the past few months puts it in a discounted position, from which it could rise strongly in the coming weeks, particularly if wider market conditions become more bullish.
ADA's indicators are certainly in a position where the altcoin should enjoy a recovery rally, with its relative strength index (purple) having been below 50 since the beginning of August.
This is a long time for an asset to have been depressed, with ADA's 30-day moving average (yellow) also having remained substantially below its 200-day average (blue) for several months.
And with the coin's price also having been below both averages since August, it really does seem as though it's time for a rebound.
It's also worth mentioning that ADA's support level (green) has stabilized in recent weeks, something which suggests that the coin has bottomed out and is ready to mount a recovery.
It certainly hasn't been ADA's own fault that its price has declined in recent weeks, with the market remaining subdued as a result of widespread investor negativity, which has been brought on by a mix of macroeconomic fears (e.g. China's slowing economy), a possible US government shutdown, and relatively high interest rates.
However, ADA's fundamentals remain as strong as they have ever been, with the coin benefitting from the steady growth and development of Cardano as a layer-one
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