Cardano (ADA) Price Prediction: ADA Poised for Upturn

Cardano Price Prediction: ADA Primed For Upturn

Cardano’s price has seen a recent dip of over 14%, but there are hopeful signs of a recovery with a return above $1 and 27% of investors in a profitable position. Currently, Cardano is trading at $1.027, showing a 2.1% increase. This positive movement comes after a period where the coin lost more than 14% of its value due to profit-taking and Bitcoin’s recent consolidation.

For over two and a half years, ADA traded below the $1 mark until November 22 when it broke through. This led many investors to sell their holdings to take advantage of ADA’s 130% surge in the last month. However, the return above $1 indicates that investors are now willing to buy the coin at a higher price, showing growing confidence in Cardano’s potential for an upside.

Despite the recent gains, around 27% of ADA holders are currently “Out of the money.” This is because a large portion of investors have been holding the coin for over a year, and only 8% have held it for less than a month. This suggests that there is still room for profit-taking, which could help offset any downward pressure.

From a technical perspective, ADA price is slightly below the Volume Weighted Moving Average (VWMA) of $1.077, suggesting the potential for further upside momentum if it can return to that level.

Looking ahead, if ADA can pivot at $1.015, it could favor buyers, with resistance levels at $1.040 and $1.050. On the downside, the first support is seen at $1.000, although prolonged bearishness could push it lower to $0.980.

Overall, the recent movement in Cardano’s price indicates a potential pathway to an uptrend, with key levels to watch for both buyers and sellers.