Cardano was up for a few days of recovery after the crypto market rebounded over the last weekend. At one point, ADA in fact managed to surge past the crucial $0.5 price. Many analysts expected the coin to consolidate above this but it has since pulled back below. So, what happens next for ADA? Here are some notable highlights first:
- ADA retreated slightly but could still retest $0.5 with improved sentiment
- The coin will however need to see an increase in trading volume for this to happen.
- Failure to recover $0.5 could push ADA back to $0.380 support in the near term
Cardano price analysis and prediction
After a major sell-off in crypto over the past week, the market began to recover this weekend. ADA in fact went above $0.5, a crucial support zone that it had managed to hold for a few weeks. However, the altcoin failed to keep the price there.
Instead, ADA pulled back and is now trading around $0.48. However, there is still a possibility for the coin to jump above $0.5. But based on relatively lower trading volume, ADA might struggle to make that happen. Nonetheless, if the bulls can somehow regain $0.5, ADA will need to break above $0.55 to have any chance of staying above.
In fact, a sustained accumulation here could trigger a run towards $0.63 in the near term. But if weakness persists, ADA may see a major cliff dive that will push it towards its monthly support of around $0.380.
Will ADA bounce back?
Well, ADA has actually bounced back in recent days. The pullback seen over the past 24 hours could be a beep in an otherwise decent race.
But since sentiment in the market is yet to fully recover, it is likely ADA has faced a major loss of momentum. As such, a steadier decline could come in the days ahead.
