Cardano price has once again slipped into the negative territory, mimicking the broader crypto market performance.
This has also fueled market concerns, especially as the crypto market witnessed a heavy bloodbath from last week, erasing much of its gains.
It’s worth noting that the current retreat comes as the global crypto market cap slipped more than 0.3% to $3.77 trillion today.
However, despite the pullback, it appears that the market experts have remained bullish on the future trajectory of the coin.
What caught the eyes of the traders is the latest Cardano price prediction from a renowned market pundit.
According to the ADA price prediction, the crypto is likely to witness a solid recovery ahead and touch the $0.9 mark in the near future.
Besides, if the momentum sustains, the crypto could possibly continue its upward run to $1.8, which has sparked market discussions.
However, it’s worth noting that all the experts have highlighted a key support zone that the crypto must hold to avoid a further fall from the current levels.
Cardano Price Slips Amid Massive ADA Whale Selloff
Despite the positive Cardano price prediction, ADA price has recorded a slump of over 4% and exchanged hands at $0.6686.
Besides, its trading volume also fell more than 25% to $1.33 billion, reflecting a muted trading activity in the market.
It’s worth noting that the crypto has touched a 24-hour high of $0.7133 while falling to the current level.
The weekly decline of the asset was recorded at 18%, while its monthly chart shows a further decline of 22%.
Notably, the retreat over the last week could be attributed to the selling pressure from the large investors or ADA whales.
According to the latest Cardano news, the whales have turned cautious amid a broader crypto market selloff, while offloading their holdings.
According to analyst Ali Martinez, Cardano whales have offloaded more than 350 million ADA last week.
Besides, the Cardano Futures Open Interest fell more than 6% over the week to $671 million, indicating a waning risk-bet appetite of traders.
What Lies Ahead for ADA Price?
The soaring geopolitical tensions, arising from Donald Trump threatening massive tariffs on China, have caused a widespread selloff in the broader financial markets.
The crypto sector was also not spared, as evidenced by the heavy liquidations in the broader market.
Cardano price also mirrored the broader market sentiment, wiping out much of its recent gains. However, the market pundits appear to have remained confident about the future trajectory of the asset.
In addition, an analyst has also shared a bullish Cardano price prediction, hinting at a potential rally to over $1. Besides, the optimism over the potential Cardano ETF approval has further bolstered the market sentiment.
According to Polymarket data, the odds of Cardano ETF approval now stand at 85%. Once approved, the investment instrument could attract significant funds to the asset, potentially driving its price to new heights.
Cardano Price Prediction: Path to $0.9 and Beyond
Despite the recent pullback in ADA price, analysts remain bullish, as evidenced by the latest Cardano price prediction.
According to expert Mahad Mooge Mohamed, the major support for the asset lies at $0.64. He noted that as long as the support holds, the upward target for ADA price remains intact.
To be precise, he noted that Cardano price is poised to witness a strong recovery if the support holds, potentially taking its price up to $0.82.
Meanwhile, market expert Ali Martinez has shared a further bullish Cardano price prediction. However, Martinez noted that reclaiming the support at $0.71 remains crucial for the asset.
As per Martinez’s analysis, if ADA can reclaim the support, the next target lies at $0.9. In addition, he further noted that once the $0.9 resistance is breached, the next potential target for the crypto is at $1.88.
Although this Cardano price prediction has fueled market sentiment, investors should stay cautious.
Especially with the soaring trade war tensions and other macroeconomic woes, the market may continue to witness heightened volatility in the near future.