Latest Cardano (ADA) Price Analysis and Prediction

Bittime - Cardano (ADA) has recently experienced a significant recovery of almost 4%. However, the current price seems to be moving towards retesting the uptrend line support. 

This decline was triggered by the still bearish market sentiment and recent events such as the theft of funds on Bybit which affected investor confidence.

As the price of ADA approaches the support level, it is important to see if this digital asset is able to hold at that level. If there is no massive sell-off, the price is likely to stabilize. However, if selling pressure increases, ADA could experience a further decline before finally finding equilibrium.

Technical Analysis and Key Levels

Based on the latest technical analysis, ADA still has upside potential as long as it is trading above the uptrend line or $0.73. 

On the daily and four-hour time frames, ADA is forming a bullish cup and handle pattern and an ascending triangle pattern, which strengthens its upside prospects.

If the price manages to break the $0.78 level, the next target is $0.85. However, if there is a decline and ADA closes the four-hour candle below $0.74, this asset could experience a significant sell-off and drop to $0.65.

Source: Trading View

Currently, ADA is still trading below the 200 Exponential Moving Average (EMA) on a four-hour time frame, indicating that the asset is still in a downtrend. In addition, the Average Directional Index (ADX) is at level 12, indicating that the current price trend is still weak.

Read also: Price Prediction for Cardano (ADA), Polkadot (DOT), and Solana (SOL)

Market Sentiment and Over-Leveraged Positions

Looking at current market sentiment, many intraday traders have over-leveraged at the $0.76 level for long positions, with a total position value of $2.23 million. 

Meanwhile, the $0.785 level is the over-leverage zone for short positions, with an accumulated short position of $2 million.

Source: Coinglass

This data shows that bulls still dominate, which can help ADA prices stay above the crucial trend line. However, if selling pressure increases and prices fall below key levels, traders should be prepared for higher volatility.

Read also: XRP Price Prediction February 24, 2025

Conclusion and Prediction of ADA Coin

Based on technical analysis and market sentiment, ADA's price still has the potential to increase if it is able to stay above the $0.73 support level and break through the $0.78 resistance. 

The next target in a bullish scenario is $0.85 to $0.90. On the other hand, if the price falls below $0.74, a massive sell-off could occur, bringing the price down to around $0.65.

Currently, ADA is trading around $0.77 with a 0.50% increase in the last 24 hours. However, the trading volume has decreased by up to 50%, indicating that many traders are still waiting for confirmation of price movements before making further decisions. 

Continuous monitoring of price movements and market sentiment is essential to determine the right investment strategy.

FAQ

What affects ADA's current price?

ADA's price is influenced by technical factors such as support and resistance levels, as well as market sentiment which is influenced by industry news and trading volume.

Does ADA have the potential to rise in the near future?

If ADA manages to stay above the uptrend line and pass the $0.78 level, there is a possibility that the price will rise to $0.85 in the near future.

What are the main risks of investing in ADA?

The main risks include market volatility, prolonged bearish trends, and a massive sell-off if ADA falls below key support levels.

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Reference

coinpedia.com, Cardano (ADA) Price Prediction For February 23 , accessed February 24, 2025.

Author: AWW