Cardano Price Prediction: Analysts Believe That Selling ADA Will Be Foolish At The Moment

In a recent report shared by TradingView, CobraVanguard stated that the price of the ADA token is continuing to move well within the given wedge. As per analysts, if the current wedge is broken, market participants might never see the token going below the $0.80 limit. Meanwhile, a break above could see Cardano reclaiming the $1 psychological price.  

Sources suggest that the current bullish tendency of ADA pricing comes in the wake of the SEC’s approval of Grayscale’s Cardano ETF filing. ETF for ADA can be a potent bullish catalyst that can push token’s priceoken for an extended petime. Not only that, but it can spark a price rally for the token at an all-new ATH.  

The reports suggest that ADA will bounce back, but the actual price of the token is still showing bearish momentum. However, sources indicate that this bearish movement of the cost is due to broader market sentiment. ADA is hovering at $0.66 at press time with a 2.69% downtrend. Analysts claim that the token is in its buying phase. This could catapult the token to newer heights. 

Source: CobraVanguard on Tradingview

Inevitable Bounce 

In an X post, crypto analyst Sebastian said the market should brace itself for a meteoric rise in ADA pricing. Sebastian says the current slump is just a temporary setback, and things will work out in the long run. In fact, in another X post, the analyst claims that selling ADA at the moment will be foolish as an inevitable price relay is coming.  

Meanwhile, analyst Ali Martinez claims that ADA needs to hold a critical support zone between $0.67 and $0.80. He remarked that as long as this support holds, ADA’s bull run will be intact. Therefore, all signs =suggest that ADA might be at the precipice of a major positive price action.  

Source: Trading View