February 23, 2024

Cardano ADA faces trouble as it breaks the $0.46 support level after a substantial downturn. The token has lost over 13% in the past week and now trades at $0.46, with a 6.5% decline in the last 24 hours.

To many, now might be the best time to accumulate more ADA coins before the bulls return.

Moreover, even though ADA is down today, the longer timeframe still signals bullish. The following analysis could provide hints on possible ADA trajectories in the coming days.

ADA Price Update: Recent Drops and Hopes for a Turnaround

ADA has formed a descending channel from continuous drop over the past few weeks. The bulls showed strong efforts to change the trend but met challenges. On December 28, ADA tried to break out from the descending channel but lacked momentum.

As a result, it dropped sharply from $0.67 to $0.47 in just a few days, marking a 42% decrease. By January 09, the market changed direction after addressing some imbalances, and ADA briefly rose to $0.6. Unfortunately, Cardano (ADA) then experienced a gradual decline.

According to CoinMarketCap, ADA has seen a 24% decrease in the past month, with bears maintaining control over the last seven days, resulting in a 15.88% drop. As of 7:40 a.m. EST, ADA is currently trading at $0.45, reflecting a more than 7.48% decline in the past 24 hours. 

The trading volume surged to over $515 million, indicating increased token exchanges.

ADA Price Analysis: What Happens Next After Cardano’s Recent Volatility?

As mentioned earlier, ADA is in a downward-sloping channel, which has been holding it for the past few weeks. This pattern indicates that short-term weakness still weighs on Cardano (ADA).

Unfortunately, Cardano now trades under its 50 moving average, which suggests bullish momentum is lacking to shift the tide upwards.

The RSI is 37, near the oversold region, additionally indicating that Cardano became undervalued. At this point, buyers might step in to capitalize on the low prices, adding momentum to ADA, which could facilitate a rebound.

This excessive sell-off suggests that, at some point, the price will likely go up again.

Overall, conflicting indicators make Cardano’s outlook uncertain. But the oversold levels suggest upside potential in the coming days. If Cardano breaks its channel upward and convincingly reclaims the 50-day average, it will confirm bulls have resumed control for a fresh uptrend.

But buyers need to act fast, or the bears may persist, dragging prices lower for now.

Crypto Analyst Made Bullish Projection for ADA

Despite the prevailing challenges, there is still optimism for ADA’s potential rise in the upcoming week. Crypto trader Martinez recently dropped a bullish outlook for Cardano ($ADA) in an X post

The chartist notes Cardano ($ADA) is currently in a consolidation phase, which mirrors its movement in 2020 before its groundbreaking 2,900% surge to a $3.09 all-time high. Martinez believes a repeat of the 2020 market structure might trigger a resumption in ADA’s uptrend.  

If the pattern continues, ADA’s price could rocket higher. Martinez’s primary target is $.80 initially, but he expects a temporary pullback to $0.60 before the ascent. After that, Martinez sees potential for ADA to then rally up toward the coveted $7 level.

Major Holders Continue to Move Large ADA Despite Price Drop

The  Cardano network recently saw a massive spike in large transactions, with over 27 billion ADA moved from one place to another, according to data site IntoTheBlock.

These giant transfers suggest that big investors and institutions are moving funds, a move that signals positive investor sentiment as more people feel confident in the Cardano network.

While the broader crypto market slowed down after the recent ETF buzz, ongoing network transactions suggest ADA might pick up soon as demand rises.

Cardano Top Alternative to Consider – SpongeV2

Sponge V2, the upgraded version of the famous meme coin Sponge (SPONGE), aims to consolidate the success of the original SPONGE coin, which hit $100 million in market cap within a short time in 2023. 

Sponge V2 introduces utility with features like staking and play-to-earn options, making it more exciting than the original version. 

Sponge V2 Presale – Affordable Entry, Lucrative Rewards, and Unique Features Await

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Sponge V2 is currently in its presale stage, offering early investors the opportunity to secure the token before the official launch. Right now, the price is just $0.000824, opening up an accessible window for early investors to earn massive returns later.

The presence of staking rewards and gaming features will not only add credibility to the project but also draw the attention of gaming lovers beyond the crypto-verse. 

Building on the success of Sponge V1, Sponge V2 anticipates significant growth, especially considering past presales’ positive market outcomes.

With 150 billion tokens allocated for play-to-earn incentives, game development, marketing, staking rewards, bridged SPONGE tokens, and CEX liquidity, Sponge V2 introduces a free and premium play-to-earn game. 

Players can earn SPONGEV2 tokens and climb the leaderboard. With these distinctive features, Sponge V2 aims to surpass other meme tokens like Pepe. To become part of this project, visit the official page and purchase the token using ETH, USDT, or Card.


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