Cardano‘s price is constantly trading close to $0.4 levels for the past couple of days aiming to surge beyond $0.5 shortly. The stagnant trend of the asset for a long time has been a huge matter of concern which has also diminished the volatility and the volume of the asset. However, in the times when very less people talk about Cardano, the ADA price usually range remarkably up.
It is a known fact that ADA price is following a strong descending trend ever since it smashed the highs in September 2022. In the middle of the descending trend, the asset underwent a couple of spikes that induced some volatility. This was when the social sentiment for the asset had dropped significantly. Currently, the asset is facing another such drop and hence the asset is expected to rise significantly.
According to the data from Santiment, the social sentiments since the beginning of 2022 have dropped heavily by 70%. As the ADA remained within the oversold regions for an extended period that may have irked the investors. This extreme negative sentiment around Cardano’s price may lead to a significant increase in ADA price.
Presently, ADA price is fighting to hold above major support levels between $0.42 and $0.44, while the possibility of a descending trend is not completely nullified. Therefore a daily close above $0.44 and a weekly close above $0.46 may assist the price to begin the next week’s trade above $0.5. Therefore, in such conditions, the Cardano price may be compelled to swing within a bullish channel to hit $0.6.
Source: https://coinpedia.org/price-analysis/huge-cardano-jump-on-the-horizon-will-ada-price-regain-levels-above-0-6-levels/