The cryptocurrency market is displaying poor performance. Many amazing projects are declining in price. This post is all about Cardano price analysis. ADA is an extremely intriguing crypto project. On the other hand, some uncertainties in the project timeline along with a market crash pushed ADA prices to drop below 1$. At the time of writing this article, the ADA price is sitting at $0.57. The important question here is: Will ADA reach 0$? Let’s take a look at it in more detail.
Cardano Price Analysis– What is Cardano (ADA)?
Cardano began its journey in 2017. The project was launched by Ethereum co-founder Charles Hoskinson. The Cardano Foundation, the team behind this project uses a scientific team that further expands the blockchain according to evidence-based measures. The token is called ADA.
Cardano Price Analysis: ADA Prices dropped more than 50% in 3 Months
Cardano was an exhilarating project for so many crypto lovers. In fact, prices skyrocketed in 2021 to nearly $3, but the crypto wreck brought prices down again in May 2022.
It is no wonder that ADA failed in price laboriously. On the other hand, the current price is extremely close to the psychological price area of $0.65. Besides, prices in the past managed to leap back upwards on numerous events.
In figure 1 above, we can clearly notice how prices switched upward. The Cardano price analysis did have periodic fakeouts, but this only established substantial buys. The important thing here to note is that zones are very emotional, but the unanimity appears to settle on an area between $0.52 to $0.62.
Cardano Price Analysis– Should You Buy ADA Today?
The buffer area of ADA is a bit broad, symbolizing a 15% delta in prices. That’s why thinking of unlocking any trade could be an emotional move and relies on the trader’s risk forbearance and mark.
The risk tolerance defines how much the trader is ready to lose, while the mark or target defines how much the trader wants to gain. Straightforward right? Let’s put 2 trade structures that work for both risky and conventional traders.
- Investors can unlock a trade at the present $0.57 price, with a stop loss just below $0.50. The target would then be approximately $0.56.
- On the other hand, investors can wait for an additional drop towards the $0.50 just to be confident that the downtrend is dead. If the market revamps itself from this price, they would have skipped the entry, and they will have to join at a much more elevated price, say around $0.60.
Cardano Price Analysis: Will ADA reach 0$?
The ADA price drove to crack the substantial support price of $0.54 shortly before touching the current price of $0.57. This is undoubtedly bad news, as prices must remain higher than this level to maintain. If the crypto market drives itself properly and recovers soon, then ADA prices can rebound as well towards at most nominal between $0.62 and $0.68.
On the other hand, if the crypto market continues to drop, ADA prices are predicted to reach $0.54 again and touch the next support of $0.30. So, touching 0$ soon is not possible for various reasons:
- The DeFi market is enduring
- The crypto gaming drive is also growing in players every month
- The NFT world is still thriving despite the current crypto market crash
- The technology behind ADA is established to enhance in the forthcoming months
The Crypto Market at a Glance
In the past 24 hours, the entire cryptocurrency market dropped by more than 15% on a totality level.
1- Bitcoin (BTC): – 17%
2- Ethereum (ETH): – 24.7 %
3- Tether (USDT): 0 %
4- USD Coin (USDC): 0 %
5- Binance Coin (BNB): – 21%
6- Ripple (XRP): – 26%
7- Binance USD (BUSD): 0%
8- Cardano (ADA): – 27.5 %
9- Solana (SOL): – 39.9%
10- Dogecoin (DOGE): – 31%