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Cardano Price Prediction: 28% Upswing Or 23% Drop Next?
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Cardano (ADA) Price Prediction: 28% Upswing Or 23% Drop Coming Next?

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Cardano

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Cardano (ADA) is currently trading at a pivotal $0.291. The question is: Will ADA experience a 28% upswing or is a 23% drop on the horizon? Remarkably, the ADA price still remains in bearish territory, but the potential for a trend reversal is palpable.

Price Analysis: 4-Hour Chart

The 4-hour chart paints a picture of ADA trading just a smidge above the 23.6% Fibonacci retracement level, which stands at $0.286. Notably, on Monday, ADA briefly dipped below this level but was buoyed by the ascending trend line (black line) that was established in mid-June. This trend line is the bulls’ last stand; a breach could see a bearish descent to the year’s low of $0.22.

Adding another layer of complexity, the 200-EMA (blue line) on the 4-hour chart is converging towards the 23.6% Fibonacci level. ADA’s recent inability to surpass the 20-EMA (red line) is concerning. With the moving averages trending downward, a compression between $0.28 and $0.30 seems inevitable.

Cardano ADA price
Cardano price steers towards compression and directional decision, 4-hour chart | Source ADAUSD on TradingView.com

However, if ADA remains resilient above the 23.6% Fibonacci retracement level and the trendline, and manages to break the moving averages, especially the 200-EMA, then the bulls might just have a fighting chance.

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Can The Cardano Mithril Protocol Propel ADA To $1 This Year?

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In this scenario, the 38.2% Fibonacci at $0.319, the 50% Fibonacci at $0.346, and the 61.8% Fibonacci at $0.378 become the next logical targets. A daily close above $0.38 (July’s high) would be a clarion call for the bulls, marking a 28% rallye from the recent price.

Bullish Arguments for Cardano

The recent price movements by Cardano might be bearish, but there are compelling arguments in favor of ADA’s potential resurgence. Santiment, a renowned analytics platform, recently tweeted:

As Cardano sits just above $0.29, whales and sharks holding between 100K-10M ADA have accumulated back to their highest level since September, 2022. Additionally, on-chain transaction volume has been rising nearly every week for the past 6 months.

Related Reading

Cardano Ada cryptocurrency coin close-up, in front of a price chart

Cardano (ADA) Price Remains Muted Despite Significant Milestones, Why?

1 year ago

This statement is supported by data indicating ADA’s transaction volume surged above a staggering 67 billion ADA in consecutive weeks, a peak not seen since September 2021. Such heightened network activity is often interpreted as a bullish sign, indicative of increased user engagement and interest.

Furthermore, ADA wallets holding between 100K-10M ADA now account for a significant 34.04% of all circulating tokens, suggesting strong confidence among larger investors.

Cardano is seeing accumulation by large investors
Cardano is seeing accumulation by large investors | Source: Santiment

Also, Messari’s recent report on Cardano offers more reasons for optimism. The report delves deep into Cardano’s ecosystem, financial trends, and network performance. One of the standout revelations is the surge in decentralized app (dapp) activities. For the third consecutive quarter, Cardano has seen a remarkable uptick in dapp transactions, boasting a 49.0% quarter-over-quarter increase in Q2, averaging 57,900 daily transactions.

State of @Cardano Q2 2023

With a dedicated community of users and developers, Cardano has demonstrated staying power.

In Q2, average daily dapp transactions were up 49%, TVL up 10%, and 199% YTD.@redvelvetzip dives in. https://t.co/MNhyNJvIPq

— Messari (@MessariCrypto) August 4, 2023

Featured image from Coinbase, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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