Cardano Price Prediction as ADA Struggles in Corrective Pattern – Breakout or Breakdown Ahead?
After nearly hitting fresh lows for the year below $0.47, the Cardano (ADA) price has recovered back to towards $0.50.
However, the Cardano price continues to struggle within a corrective pattern.
Indeed, at current levels, ADA remains lower by roughly 27% since hitting multi-year highs in the upper $0.60s in December.
Since pumping in December and igniting excitement about Cardano’s web3 ecosystem, the blockchain’s total value locked (TVL) has stagnated.
TVL refers to the dollar amount of crypto locked within smart contracts on a blockchain.
Cardano last had a TVL of around $427 million, down from highs of nearly $500 million in December.
Stagnating TVL comes as the broader crypto market suffers a “sell-the-fact” reaction to last week’s spot Bitcoin ETF approval, and amid macro headwinds.
So does the Cardano price face a breakout or a breakdown ahead?
The Cardano price has been in a bearish trend since early 2024 when it snapped a short-term uptrend.
Confirmation of this downtrend came last week when the Cardano price rejected a retest of this prior support uptrend.
The Cardano price is now increasingly threatening a break to the south of the key long-term support at $0.46.
A breakdown under here would turn near-term price predictions substantially more bearish.
If broader market sentiment takes a turn for the better, Cardano could yet see a comeback.
Cardano (ADA) could deliver holders gains in the region of 10x this bull market.
That’s not bad, but many meme coin investors are aiming higher, i.e. for gains in the region of 100x.
They should look no further than Sponge V2 ($SPONGEV2).
Sponge V2 is the reincarnation of the legendary Spongebob Squarepants-themed $SPONGE token, which reached a market cap of nearly $100 million earlier
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