Cardano (ADA), one of the leading cryptocurrencies by market capitalization, has recently experienced a downturn after hitting its recent high at $0.80. Despite this temporary setback, there is a lot of expectation among investors about ADA’s price going up significantly.
This optimism has been fueled by the insightful analysis provided by crypto analyst Ali Martinez. Martinez linked current ADA market behavior to trends seen between 2018 and 2021 and thus suggested how the cryptocurrency’s prices may go.
According to Martinez’s analysis, if the fractal pattern repeats itself, ADA will be in the consolidation phase within $0.55-0.80 for the next few weeks before it surges up to $1.70. Then another period of consolidation would follow which might allow it break out towards $5 range.
Cardano (ADA) Short-term Price Forecast
As of the latest update, the current price of Cardano (ADA) stands at $0.666439. The 24-hour trading volume reached $2.89 billion, and the market capitalization is $22.54 billion. Over the past day, ADA has seen a decrease of -6.08%; over the past week, it has experienced a 10.12% decline.
Insights from Changelly suggest that Cardano’s price is anticipated to experience a slight decline of approximately 2.43%, possibly reaching its lowest point by March 18, 2024. The current analysis of technical indicators indicates a predominantly Bearish market sentiment, with only 13% showing signs of Bullish sentiment. Additionally, the Fear & Greed Index stands at 81, reflecting extreme Greed among investors.
In light of Cardano’s price movements at the start of 2023, crypto experts predict an average ADA rate of $0.723 by March 2024. The minimum and maximum borders for the possible range may oscillate between $0.664 and $0.782, respectively.
Consequently, this would give a projected Return on Investment (ROI) of about 9.5%. Despite short-term headwinds, overall market sentiment on Cardano is still positive as investors track its every move, hoping for gains in the digital currency.
Related Reading | Grayscale Pushes Ethereum Trust ETF Uplisting Amidst Regulatory Scrutiny