The upcoming Vasil upgrade presents a fresh challenge for Cardano. Based on existing patterns and estimates, analysts and experts have bearish predictions for the coin.
The upcoming Vassil upgrade presents a new challenge for Cardano. Based on the current patterns and projections, analysts and experts have a bearish prediction for the coin.
In recent months, the Cardano price was sideways on short timescales after ending a significant slump. Early in 2022, the cryptocurrency finally fell below the $1 mark, which sparked further declines and sent Cardano back to its levels from the previous year.
ADA Price Prediction
Cardano price hit a low of $0.460 on September 13 and formed a double bottom near $0.450, forming a sixth liquidity move on the 12-hour chart. This change caused a reversal that saw ADA rise by 5.82% so far.
The immediate barrier at $0.505 might be easily tested again by the ADA bounce. Since the price of Cardano reached a higher high at $0.521 than the swing high from September 6 at $0.512, the trend appears to be in favor of bulls. The current recovery rally may therefore aim for the $0.530 resistance level.
Cardano’s bull flag is developing despite a bleak forecast for the entire cryptocurrency market. ADA has gained over 6% in price during the past two weeks.
The so-called “Ethereum-killer” would likely see its upside limited if ADA retests $0.530, having gained 17%. Additionally, this action would have generated a higher high in comparison to the previous higher high, which was created on September 10 at $0.524.
On the other hand, if Cardano price declines below $0.450, the bullish thesis for ADA will be abandoned. As a result of this development, Cardano price could decline towards the stable support level of $0.435.
