Key Insights:
- Cardano price has lost more than 19% amid a broader crypto market retreat.
- A top analyst predicts ADA price to hit $2, sparking market optimism.
- Derivatives data hints at a pullback before ADA price may rebound.
Cardano price has defied the broader market trends, witnessing a slight gain yesterday and holding above the brief support level of $0.80. Notably, this comes as the broader crypto market bleeds, indicating a cautious stance of market participants.
However, during writing, ADA price has lost more than 19%, further suggesting the cautious stance of traders.
Amid the current dip, both Bitcoin and Ethereum prices retreated, with BTC price falling more than 7% to $112k and ETH price slipping around 13% to $3.8k. In addition, top altcoins like BNB, XRP, and Solana, among others, also stayed in the negative territory.
Meanwhile, the recent momentum of ADA has sparked optimism among traders, while also reflecting the shifting market focus towards the asset. With the altcoin ETF market heating up, Cardano has gained notable traction from market watchers.
Amid this, experts have also shared a bullish forecast for Cardano price, which might have further buoyed market interest. In a recent X post, a top analyst even predicted a potential ADA price surge to $2, while warning of a potential pullback before the rally.
So, here we explore the recent price performance and what analysts are hoping for the future movements of ADA price.
Cardano Price Slips As Crypto Market Bleeds
ADA price today was down more than 19% and exchanged hands at $0.66, while its one-day volume soared 400% to $5 billion. This indicates a heavy trading activity in the market alongside a surge in the crypto’s value.
Amid the current dip, the crypto has lost nearly 23% in the weekly chart, while declining about 26% over the last 30 days. Notably, Cardano price has touched a 24-hour high and low of $0.8227 and $0.333.
However, it’s worth noting that the derivatives data, as per CoinGlass, shows a minor decline in ADA Futures Open Interest. On the other hand, the Cardano Relative Strength Index is at 54, indicating a neutral sentiment in the market.
Meanwhile, what caught the eyes of the traders is Cardano price defying the broader market trend. As said earlier, the broader crypto market has declined today amid macroeconomic woes and a hefty $5.6 billion in BTC, ETH, and XRP options expiry.
What Lies Ahead for ADA Price?
Amid the ongoing dip, market pundits have remained bullish on the future trajectory of Cardano price. In addition, the S&P Global has recently launched a new index to track the top 50 digital assets, and Cardano is one of them.
Many have cited this development to further boost ADA’s appeal among traders. On the other hand, the Cardano ETF optimism has further bolstered market confidence. If approved, many investors are eyeing a robust surge in the asset’s price.
Meanwhile, according to market expert Ali Martinez, Cardano price may witness a pullback to $0.60 in the near future. This also comes in tandem with the declining Futures Open Interest, indicating that the investors may take a pause ahead.
However, in the long term, Martinez has fueled optimism, predicting a potential surge for the crypto to $2. This indicates that despite the short-term woes, market pundits are expecting a robust breakout for the crypto.
In a separate analysis, Martinez said that Cardano price faces major resistance at $0.9. However, clearing the resistance could send the ADA to $1.1, he noted.
Echoing a similar sentiment, analyst Dan Gambardello said that Cardano may witness a pullback to $0.6 in a worst-case scenario. But, he also noted that in the long term, ADA price may bounce back and target the $1.5 level.