The price increase for Cardano was short-lived as the cryptocurrency seems to have taken a downward trajectory once again with no signs of an uptrend in view. The downward trend of the cryptocurrency show that the bulls have lost control of the market and the bears are gaining momentum. With no signs of a recovery short-term, it’s safe to say that the bulls have retreated. The long-term prediction of Cardano (ADA) price, however, is encouraging.
Cardano (ADA) Price Analysis According to Priyanka Babu from BCFocus
As Cardano (ADA) price falls, the cryptocurrency is breaking significant support levels on the way. Currently, it is trading at $0.141 indicating a 2.11% dip in price within a 24-hour period. Since the beginning of today’s trading session, the downtrend has been obvious and the cryptocurrency is struggling to retain gains. There is persistent pressure for sellers which is preventing the price from reaching the $0.15 level.
Cardano (ADA) Price Today / USD
Cardano (ADA) price dipped low to $0.137 at a certain point during trading. The 200 EMA shows a downtrend and the price action doesn’t display any signs of a price reversal short-term. The only hope for a reversal is for the price to reach the $0.15 level. If it gets to this point, it may find support and start an uptrend once again.
Cardano (ADA) Against Bitcoin And ADA Long-Term Prediction
Against BTC, Cardano (ADA) is losing by 2.26%. At the time of writing, one ADA was equal to 0.0000214BTC.
Long-term, Cardano still looks promising thanks to the technical and business advancements the Cardano team is working on. We initially predicted that Cardano will sell as high as $2.5 by the end of the year and $10 in the next five years. We still stand by that prediction even with the current market conditions.
Walletinvestor also predicted that by the end of 2018, Cardano (ADA) price will be as high as $0.418 which would be a 35% increase in price. Some other predictions place ADA at $1.5 by the end of the year. All we can do is wait and see.