Cardano Price Prediction: ADA Nears $0.27 Mark

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Cardano ADA is showing recovery signs after diving into losses since the start of this quarter.

As of 04:21 am EST on August 28, Cardano (ADA) is trading at $0.259, with a decrease of 1.4% in the last 24 hours. Notably, the asset has broken through its support level of $0.25, fluctuating between $0.25 and $0.27.

However, ADA has yet to trade above its resistance mark of $0.27. If that happens, its price performance could take a dramatic bullish turn.

Cardano’s Recent Price Trends Could Trigger Breakthrough

Over the past few weeks, ADA has recorded notable declines, dropping 3% in the last seven days with a 10.6% 14-day price drop. However, if ADA surges past its current resistance level of $0.27, there’s a possibility of replacing its 2023 all-time high of $0.45 established in mid-April.

Although many Cardano community members hope for this upturn, uncertainty remains as ADA’s trading volume suggests more selling activity.

Ultimately, developments in the coin’s ecosystem could determine its short- or long-term price trends.

ADA Could Repeat 2019’s Depression Phase with Possible Uptrend Ahead

Like many other cryptocurrencies, Cardano has undergone several price adjustments, but there’s a peculiar aspect unknown to the market.

Benjamin Cowen, a creator at Into The Cryptoverse, highlighted a noteworthy occurrence similar to ADA’s price movement in 2019, just before Bitcoin’s halving event.

Good chance #ADA is about to enter the depression phase.

Remember, last cycle, #ADA bottomed only 2 months before the halving.

It also spent the second half of 2019 going down (even before the pandemic) pic.twitter.com/SL4CWQPmue

— Benjamin Cowen (@intocryptoverse) August 26, 2023

In a further analysis on YouTube, he proposed that the likelihood of ADA transitioning into a depression phase is high, pending the upcoming Bitcoin halving next year.

This analysis holds water, as during that time in 2019, ADA hit its lowest point and stayed that way for the latter part of the year.

Fascinatingly, shortly after the BTC halved on May 11, 2020, ADA’s price experienced a rapid surge. Hence, with such identical progressions ongoing, history could repeat itself in the coin’s market.

Cardano’s Founder Fuels Investors’ Minds As Upcoming Updates Unfold

As a keynote speaker at the Rare Evo 2023 gathering held in Denver, Charles Hoskinson, the CEO of Input Output (IOHK), expressed his confidence that Cardano (ADA) will emerge as a highly recognized cryptocurrency.

He revealed to attendees that Cardano, presently positioned as the eighth-largest cryptocurrency based on market capitalization, is poised to outpace Bitcoin (BTC) and Ethereum (ETH).

He further buttressed this opinion by emphasizing Cardano’s superior scalability and interoperability features. Hoskinson also opened up about how the innovative contract platform can substitute elements of societal infrastructure, such as voting, within any banking system.

While this public announcement bolstered the faith of ADA’s community, other developments could favor a potential trend reversal. For instance, the blockchain continued its substantial progress by launching the Mithril mainnet upgrade a few weeks ago.

Also, Input Output Global shared a report on the work done by developers, showing their dedicated efforts to push the ecosystem so far.

Another week, another #Cardano development update, now live on #EssentialCardano. Check this week’s highlights and get the latest on core technology, wallets and services, smart contracts, and scaling and governance developments. https://t.co/7fgw2QhAhA

— Input Output (@InputOutputHK) August 25, 2023

The Cardano community is included in these developments, with a global live summit coming soon and a mobile application designed for that purpose.

📱 The #CardanoSummit2023 app is coming soon!

🌟 Gain access to exclusive content during the event and connect with like-minded attendees.

✔️ Live streams
✔️ Network matchmaking
✔️ Personalized agenda
✔️ Photo booth
✔️ Content on demand

Register 👉 https://t.co/bPlwxhaKaC pic.twitter.com/LuWWheT0o4

— Cardano Community (@Cardano) August 24, 2023

So, pending recovery and gains from these updates, ADA continues to struggle due to the general decline in market prices on August 17. Investors are still sentimental, and promising growth is expected when the balance is regained.

Will ADA Overcome Resistance?

ADA is in a sideways trend on the daily chart. After the downtrend observed on August 15 to 17, the bulls attempted a rally between August 18 to 20. However, the sellers reentered the market to force a price retreat.

ADA is trading below its 50-day and 200-day Simple Moving Average (SMA), expressing a bearish sentiment. Also, the Relative Strength Index (RSI) is 36.96, moving sideways near the oversold region.

The MACD is below the signal line but rising as the buyers reenter the market, trying to force a rally. Moreover, the faint MACD histogram bars suggest a weakening downtrend, indicating a possible bullish reversal before the day ends.

The asset will likely move into an uptrend in the coming days if it can overcome its nearest resistance level.

ADA Approaching Critical Support at $0.2621 – Could It Break Down or Bounce?

Cardano (ADA) trades a few pips above its critical support at $0.2621. This suggests buyers may enter the market at this low level, which could force ADA up to $0.2637.

On the other hand, ADA’s resistance at $0.3661 shows that the coin still has a long way to rally before profit-taking traders enter the market. Once the bulls breach this level, the token could reach a new all-time high.

Crypt Market Set to Welcome WSM As New Meme King

Wall Street Memes ($WSM) has become a significant player in crypto memes, showing impressive growth and achievement in its recent presale. In the last couple of months, the project has generated much interest from investors, establishing itself as a game-changer in the crypto meme field.

Having reached a significant presale milestone of over $25 million, WSM has gained strong support from its online community, attracting more investors.

Moreover, they’ve introduced a new feature called Stake-to-Earn, allowing investors to stake $WSM and get rewards. This helps maintain the token’s value and encourages trading.

So far, in the staking system, the total staked amount is over 200 million $WSM, with an APY of 85%.

WSM Countdown to Exchange Listing Continues – 29 Days to Go

Investors are anticipating a substantial increase in the market value of $WSM after it gets listed on crypto exchanges, thanks to its impressive achievements during the earlier presale stages.

Despite implementing small price increases in each of its 30 presale stages, the project has consistently achieved remarkable success.

The ongoing presale, now in its final phase, has surpassed $25 million. With each token priced at $0.0337, the $WSM presale is set to end in about 29 days. Once the presale ends, WSM will list on top-tier exchanges, a list that could propel it to higher highs in the coming months.

Potential investors can visit the project website to purchase $WSM using ETH or USDT directly from the bank with a debit/credit card.