Experts offered mixed views on Cardano price prediction recently, given the ongoing volatile scenario recorded in the broader digital assets space.
It also comes as the ADA price has continued to hover in the negative territory today. During writing, the crypto was down over 1% and traded below the key support level at $0.6.
Amid this, a renowned expert has hinted at a further decline in the asset’s value, before a potential rebound in the near future.
Meanwhile, it’s worth noting that the recent retreat in the crypto market has also allowed traders to buy the dip.
The latest data showed that the Cardano price dip below the $0.5 mark last week has resulted in a strong buying pressure from the large investors, also known as whales and sharks.
So, let’s take a quick tour of the latest movements of the altcoin and see what experts are anticipating for the potential future path of the asset.
Cardano Price Slips But Derivatives Data Hints at Recovery
At the time of writing, ADA price was down more than 1% and rested at $0.5743, with its trading volume falling 11% to $744 million.
Despite the losses, Cardano price has added 7% over the past week, while witnessing a plunge of nearly 19% in the monthly chart.
Notably, the crypto has touched a 30-day high of $0.7351, while falling to as low as $0.4934 in the same time frame. This further reflects the highly volatile scenario in the market in the recent past.
However, despite the dip, ADA Futures Open Interest soared more than 2% to $680 million.
This reflects a bullish sentiment in the derivatives market, which might help in a recovery for the asset’s price.
Meanwhile, amid the mixed scenario recorded in the market, a latest Cardano price prediction of $0.7 has caught the eyes of traders.
Cardano Price Prediction Amid Whales’ Aggressive Buying
A latest Cardano price prediction by Ali Martinez has caught the eyes of traders, predicting a potential surge of the asset to $0.7.
In a recent X post, Martinez noted that ADA price is likely to retest the support at $0.5 once again in the coming days.
However, according to Martinez, the crypto must hold this support to maintain its bullish trajectory.
For context, if the altcoin can hold on to the $0.5 support, a potential rebound to $0.7 could be on the cards, he noted.
Investors are keeping a close track of the recent ADA movements. Besides, the Cardano price prediction also suggests that if the crypto loses the brief support, there could be further downturn momentum awaiting the asset.
Meanwhile, a dip to $0.5 could provide a further buying opportunity for traders and enter the market at a discounted price.
Notably, the recent dip of the asset below that support has resulted in aggressive buying for the whales and sharks.
According to Santiment, the network’s key stakeholders, including whales and sharks, have been actively accumulating ADA, taking advantage of the dip.
Data reveals that in just this week, these large investors have added 348 million ADA to their holdings, worth around $204.3 million.
This accumulation represents 0.94% of the total ADA supply, indicating a significant increase in whale and shark interest. Besides, it also reflects the long-term confidence of the large investors in the asset.