Cardano Price Prediction as ADA Dips Below $0.30 – Here are Key Levels to Watch

cryptonews.com:

The price of Cardano (ADA) has dipped below $0.30 for the first time since June and early July, with its current price of $0.293809 marking a 0.2% decline in 24 hours and a 5% loss in the past week.

While ADA is also down by 6% in the past fortnight, the altcoin remains up by 19% since the beginning of the year, although many other major tokens have enjoyed bigger gains than this since January.

This arguably makes ADA a highly undervalued coin at the moment, implying that it could be sitting on signficiant potential gains, especially when looking at Cardano's underlying fundamentals.

If there's anything to be said for Cardano's chart right now, it's that it suggest the altcoin has to rebound sooner or later, with its relative strength index (purple) having bottomed out at 30 yesterday.

Likewise, ADA's 30-day moving average (yellow) has just fallen below its 200-day average (blue), meaning that a positive reserval shouldn't be far away now.

Having said that, it's concerning that the altcoin's support level (green) continues todecline, with the coin dropping below the all-important $0.30 support overnight.

This could be taken as a sign that some more falling is in order before ADA can begin rallying again, something which is certainly possible given that the downgrading of US government debt this week has also had a negative effect on stock markets worldwide.

For this reason, traders perhaps shouldn't be surprised if ADA drops down to $0.280 or even a little lower over the weekend, before potentially making a recovery.

But a recovery will eventually be on the cards, given how solid ADA's fundamentals are, with Cardano continuing to make steady progress as a rival to more established layer-one platforms.

Indeed, Cardano celebrated