Cardano Price Prediction as ADA Overtakes Dogecoin in Coin Rankings – Can ADA Keep Rising?
The price of Cardano (ADA) has fallen by 1.5% in the past 24 hours, with its drop to $0.246034 coming on a day when the wider market remains largely flat.
ADA is also down by 4.5% in the past fortnight, yet it continues to hold onto the ninth spot in the cryptocurrency market cap rankings, one place ahead of Dogecoin, which has fallen harder recently.
Given just how oversold ADA has been in recent months, the altcoin is likely to rise further in the near future, especially when it remains one of the strongest tokens in terms of fundamentals.
ADA continues to look fairly weak as far as its indicators are concerned, although this could be taken as a sign that it's long overdue a rebound rally.
For instance, its relative strength index (purple) has continued to dip again, falling towards 40 and likely to sink to 30 or lower before the altcoin corrects itself upwards.
At the same time, its 30-day exponential moving average (yellow) continues to languish well below its 200-day average (blue), another strong signal that the coin is highly oversold and should rebound.
One ray of light is ADA's support level (green), which has been rising steadily over the past month or so, suggesting that the altcoin won't fall much lower before seeing another rally.
Of course, the question remains as to when a rally is likely to arrive, with the wider market remaining subdued as a result of poor macroeconomic conditions and ongoing uncertainty over whether the SEC will approve recent Bitcoin ETF applications.
This week saw ADA (along with the rest of the market) surge after false rumors emerged that the securities regulator had approved such an application, and while everything has come back down to Earth since then, the spike shows what will happen
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