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Cardano(ADA) Price Prediction: ADA Price Tests Record Lows With High Volumes; Can It Bounce Back?

Cardano (ADA) price trades with heavy losses on Thursday. Russia-led military operations into Ukraine send tremors through the markets. Riskier assets were hard hit including global stocks and cryptocurrencies. Nasdaq fell more than 1%, while the Dow Jones Industrial Average lost 1.95%.

  • Cardano’s (ADA) price falls more than 7% on Thursday.
  • ADA could expect an upside of 35% from the current levels.
  • RSI remains in an oversold zone warning against aggressive bids.

The global crypto market wiped out nearly 10% of its value amid the ongoing truce between Russia and Ukraine.

As per the CoinMarketCap, the 24-hour trading volume of the eight largest cryptocurrencies by market cap is being held at $3,152,200,460 with 92% gains.

In a recent update, Cardano Blockchain Insights reported wallets for Cardano’s native currency ADA surpassed the 3 million mark. As per the Electric Capital research report, Cardano nearly doubled its developer base in 2021.

Cardano reclaims $0.80

Source: Trading view

Cardano’s (ADA) price action has been on the continuous downside after testing the record highs in September at $3.09. Now, the price hit all-time lows at $0.74 in today’s session. It is further recovered to the psychological $0.80 level, which could provide some relief to the ADA buyers. Going forward, it could act as a reliable support level for the asset.

However, in technical terms, the formation of new highs or lows accompanied by above an average volumes in some cases acted as a ‘reversal’ pattern.

ADA tested record lows with higher volumes, a bounce back to 35% can not be ruled out at the critical $1.0 level.

On the flip side, a spike in sell orders could imbalance the equation and would force ADA to make fresh new all-time lows.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) reads at 30 as it approaches the oversold zone.

MACD: The Moving Average Convergence Divergence (MACD) trades below the midline with receding bearish momentum.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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