Cardano Price Forecast – ADA Holds $0.38, Can it Rally to $1 This Week?
The cardano price has dropped to $0.386948 overnight, representing a fall of 4.5% in the past 24 hours. Its current level also means that it has declined by 4.5% in a week and by 8% in a month, with Cardano's steady growth and development not enough to counteract ongoing market-wide negativity.
While ADA is in fact 8% up in the past fortnight, it remains 87% down from its all-time high of $3.09, set back in September 2021. As such, the altcoin arguably remains strongly undervalued, and while it may not rally to $1 this week, a rise to such a price is on the cards for the medium- and long-term.
ADA's technical indicator currently reside in an indeterminate and indecisive space. Its relative strength index (purple) has dropped from 60 a few days ago to around 45 today, indicating selling pressure that may continue for another few days yet.
On the other hand, its 30-day moving average (red) has remained below its 200-day (blue) for pretty much all of the year. What this suggests is that, from a purple technical perspective, ADA really is due a substantial rally sooner or later.
Of course, the weak global macroeconomic situation means that investors may still have to wait for a really strong ADA rally. Nonetheless, Cardano's fundamentals continue to strengthen the suspicion that a bull market for its native token will come eventually.
Indeed, even with this year's bear market, the Cardano ecosystem has been steadily growing over the past few months, with more than 1,100 apps and projects now building on its network, as well as more than 100 projects already launched.
What's interesting to note about Cardano's recent growth is that, since the network enabled smart contracts last September, over 3,500 Plutus scripts (i.e. Cardano's
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