Cardano Price Prediction as ADA Drops Below $0.38 – Is a Rebound on the Horizon?

cryptonews.com:

The Cardano price has dipped by 1.5% in the past 24 hours, dropping to $0.374679 on a day when the market as a whole has suffered a 1% loss.

ADA is now down by 2% in a week, but remains up by 3.5% in the past fortnight and by 27.5% in the last 30 days, with the coin also having risen by 52% since the beginning of the year.

Such gains help to put today’s little dip in a wider context, showing that ADA retains considerable medium- and long-term momentum, and that it should rally again soon enough.

ADA’s indicators are currently showing signs of slight weakness, yet the overarching trend still remains mostly bullish.

For example, even though ADA’s RSI (purple) has declined noticeably from the high levels it reached in early November, its actual price hit a seven-month high only two days ago.

This suggests ongoing strong momentum, as does the coin’s 30-day moving average (yellow), which continues to put more distance between itself and the 200-day average (blue).

In other words, ADA is still in the middle of a bull phase, and while it may have been bought heavily earlier in the month, previous overselling justifies a prolonged period of growth.

It’s also arguable that ADA’s current position is bullish in the sense that it has come about without heavy involvement from whales, implying that when larger traders do begin accumulating ADA, it may move dramatically.

And while ADA isn’t currently a favored coin among whales, it continues to strengthen its position fundamentally, with its network growing steadily.

For example, its total value locked in has risen by 420% since the start of the year, while that of SOL – which remains a favorite for bigger investors – has grown by only 184%, despite a 450% price rise since January.

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