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

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.

The post Cardano(ADA) Price Prediction: ADA Price Tests Record Lows With High Volumes; Can It Bounce Back? appeared first on CoinGape.

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• Source: https://coingape.com/markets/cardanoada-price-prediction-ada-hit-all-time-lows-below-0-75-faces-35-upside-risk/