ADA Price Prediction: Will The Bullish Trend Repeat?

Cardano (ADA) has experienced its share of market volatility over the past months as investors searched for indications behind the delay of the Vasil upgrade. This uncertainty made ADA’s price trickier than expected, especially since 2023.

Although it enjoyed some bullish trends since the year began, ADA is projecting bearish signals in the market.

ADA has lost 1.62% of its price at the time of writing and is trading at $0.03873. However, crypto experts believe there could be short-term recoveries for ADA following some ecosystem developments like the Hydra Head deployment. 

ADA Price Trend

Throughout January, ADA experienced more rallies compared to the past months. It went from $0.02464 on January 1, 2023, to $0.02787 in seven days (January 7). 

The market’s bullish sentiment persisted throughout the remaining days causing ADA to touch $0.3526 on January 15 and $0.3801 on January 27. However, after touching $0.3967 on January 30, ADA declined to $0.03725 at the end of the month (January 31).

February welcomed the cryptocurrency with a bullish trend amid persistent fluctuations, causing ADA to struggle between $0.3 and $0.4. On February 1, ADA traded at $0.3909 and moved to $0.4042 on February 4. 

On February 5, it dropped to $0.3997 and spiked to $0.4181 by February 16. As several fluctuations occurred, ADA managed to end the month at $0.3649 (February 28).

ADA traded at the $0.3 mark in March, recording several price gains, from $0.3176 on March 9 to $0.3765 on March 31, 2023. 

In April, Cardano (ADA) enjoyed more price gains. Although it traded between the $0.3 and $0.4 mark, it recorded a progressive increase throughout the month. ADA went from $0.3989 on April 1 to $0.4282 on April 23. At the end of the month, it was trading at $0.4028.

Cardano’s performance since May is surprising. Although it had already experienced fluctuations, it could break into the $0.4 mark soon. Today, ADA is trading at $0.3891 with a 0.13% price decline at the time of writing. 

ADA price Analysis With Technical Indicators

ADA has lost some of its price gains in the past week today. It is trading below its 50-day Simple Moving Average (SMA), a short-term bearish sentiment. Also, ADA’s Relative Strength Index (RSI) is 45.26 in the neutral zone and moving downwards. It implies that the bears are mounting pressure on its price.

ADA’s Moving Average Convergence/Divergence (MACD) is below its signal line, a bearish sentiment. The indicator displays negative values confirming the prevalent bearish trend on the daily chart. 

Despite the current downtrend, a distinct pattern is noticeable on the daily price chart. ADA traded in a downtrend from February 18, 2023, to March 11, marked by the trend line. Next, it rallied between March 12 and April 15. ADA is in a downtrend that begin on April 16 till date. 

Based on this trend pattern, ADA will likely see a further decline to match its previously lower low before it resumes its uptrend. Also, ADA is still above its 200-day SMA, hinting at a bullish reversal for the asset in the long term. 

ADA Support And Resistance Levels

ADA is trading above its closest support level of $0.3764. The technical indicators suggest further price decline ahead for the asset. 

However, ADA can rally from this support level to resume its uptrend. If the bears push it below the support, the $0.3735 support will likely be its next price level. 

Also, its resistance levels are $0.3956 and $0.4225. ADA will likely experience further price decreases till the bulls rally at its support levels.

Factors Affecting ADA’s Price

Several factors could affect the price of a crypto asset. These factors range from activities within its ecosystem to external activities in the global economic space. 

These factors include inflation, laws of supply and demand, macroeconomic factors, and crypto regulations. Also, investors’ sentiment and a token’s utility can affect its price action in the long term. 

Notable Trends On The Cardano Network

Cardano has deployed the Hydra head on its Mainnet, an upgrade to its proof-of-concept mechanism. Hydra Head is the first in a series of layer-2 protocols built to upgrade the platform’s scalability and utility. It prioritizes fast, efficient, and low-cost transactions.

Also, the Hydra Head uses secure state channels that are secure and private within the Head to settle transactions off-chain. The developers hope to connect different Hydra Heads in the future to create a network. 

Cardano Alternatives

While Cardano struggles to hold onto its gains, there are ongoing presales that will reward early investors. 

Love Hate Inu (LHINU)

Love Hate Inu is a vote-to-earn platform initiative taking advantage of the fast-growing survey market to reward its users. Users can vote on several topics without fear or discrimination.

However, LHINU token holders must stake their tokens for at least 30 days to vote. Voting power is proportional to the number of tokens staked. This is an added security feature to eliminate paid accounts and bot accounts that influence polls on other networks,

LHINU tokens‘ final presale has sold out, raising over $10 million. Users can purchase the tokens at the listing price of $0.000145.

AiDoge (Ai)

AiDoge is an Artificial Intelligence backed platform similar to Shiba Inu and Dogecoin. It utilizes AI technology to create meme tokens, a growing niche with tremendous potential.

The platform has a User Interface (UI) that is easy to navigate. Its type-in-text prompt enables the AI-driven algorithm to generate memes based on the query typed in by the user. These memes come with full image display and text support. AiDoge users can also convert their memes to NFTs as an avenue for additional profit.

Voting is open to community members to encourage massive participation and a sense of self-governance. Users can choose from their favorite memes and earn rewards for creating memes on the platform. They receive Ai tokens as rewards which are the platform’s utility tokens. These payouts occur monthly, and the rates depend on a user’s ranking within the ecosystem.

The AiDoge platform welcomes every user to participate in network activities while earning rewards. It is a project with present and future relevance since Artificial Intelligence (AI) and Machine Learning (ML) are among the top-ranking projects worldwide. 

Also, Users can access a public wall to share and discuss meme projects created and receive valuable feedback. Ai tokens presales are ongoing, and each token is worth $0.000288 and increasing to $0.0000272 soon.