The Cardano price has risen by 0.5% in the past 24 hours, reaching $0.246018 as the cryptocurrency market as a whole makes a similarly modest move today.
ADA is now down by 2.5% in the past week and by 6.5% in the last 30 days, while the altcoin is also down by 1.5% since the beginning of the year, in contrast to numerous other major tokens (e.g. BTC, ETH, XRP).
Yet ADA’s underwhelming performance over the past few months puts it in a discounted position, from which it could rise strongly in the coming weeks, particularly if wider market conditions become more bullish.
Cardano Price Prediction: ADA Jumps 0.5% – How High Can This Coin Go?
ADA’s indicators are certainly in a position where the altcoin should enjoy a recovery rally, with its relative strength index (purple) having been below 50 since the beginning of August.
This is a long time for an asset to have been depressed, with ADA’s 30-day moving average (yellow) also having remained substantially below its 200-day average (blue) for several months.
And with the coin’s price also having been below both averages since August, it really does seem as though it’s time for a rebound.
It’s also worth mentioning that ADA’s support level (green) has stabilized in recent weeks, something which suggests that the coin has bottomed out and is ready to mount a recovery.
It certainly hasn’t been ADA’s own fault that its price has declined in recent weeks, with the market remaining subdued as a result of widespread investor negativity, which has been brought on by a mix of macroeconomic fears (e.g. China’s slowing economy), a possible US government shutdown, and relatively high interest rates.