February 2, 2023

Cardano (ADA) Price Forecast: Bulls Should Revisit $0.250 to Avoid New 2022 Low

  • ADA gained 0.82% yesterday (Friday) to close at around $0.246.
  • NFT stats and network updates triggered trend-bucking actions.
  • Nonetheless, technical indicators stay bearish, indicating possible downsides to the $0.240 region.

Cardano’s ADA witnessed pressure today morning following Friday’s upside stance. Though non-fungible token (NFT) and network figures remain positive, the cryptocurrency project is yet to see a heightened number of projects.

Improve market cues saw ADA gaining 0.82% yesterday, partially erasing Thursday’s 1.61% dip. The alternative token closed Friday at $0.246. Particularly, Cardano finalized a 3-day downward streak while crashing to the $0.239 2022 low. Bearishness early yesterday witnessed ADA sliding to new 2022 lows at $0.239.

The alternative token rallied to a $0.246 late high after securing support at the initial colossal barrier near $0.240. Nonetheless, failure to clear the first crucial resistance at $0.248 triggered declines. That saw ADA dropping to navigate $0.244 before closing yesterday at sub-$0.246.

Network Updates and NFT Stats Delivered Cardano Price Support

It was a calm Friday, without updates from IOHK for market players to ponder. The absence of statistics left Cardano at the mercy of the overall cryptocurrency market during the morning session. Nonetheless, the recent ADA-NFT data ensured much-required support.

Opencnft data shows ADA-NFT trading volume touched the 1,761,388 ADA December high on Friday. Though still well under the 4,271,973 ADA October ATH, December recorded recoveries in NFT volumes. Also, development activity stats remained price-positive yesterday.

Santiment revealed that Cardano led development activity, ranking the project 6th on ROI. Nonetheless, the expected increase in projects after the Vasil upgrade is yet to showcase, leaving $ADA under pressure. Today, the absence of network updates will leave the alt under the broad market influence.

Cardano Price Action

ADA dropped 0.41% today morning to $0.245. Moreover, the alt had dipped to $0.245 from $0.246 amid early morning bearish actions. Therefore, the ADA should avoid $0.244 to see the initial crucial resistance at $0.248. An uptick beyond the $0.246 high would confirm bullishness for Cardano. However, broad market backing is essential for breakouts in the afternoon.

Continued surges may see bulls pushing toward the $0.251-second massive obstacle. After that, ADA buyers will meet another challenge at the 3rd crucial obstacle of $0.258. Nevertheless, the mentioned $0.244 remained vital to ADA’s trajectory.

Bearishness at the $0.244 mark would support dips toward the reliable footing at around $0.241. Then, excluding more crashes, the altcoin should escape sub-$0.235. The 2nd support barrier near $0.237 should control the downward wave. Meanwhile, an extended fall will meet another foothold at $0.230.

The Exponential Moving Averages and the four-hour candle chart displayed a bearish sign today morning. Cardano swayed below the 50day EMA ($0.254). Meantime, the 50day EMA dropped from the 100day EMA, as the 100day EMA drifted from the 200day EMA, flashing bearish indicators.

An upsurge past the first massive hurdle at $0.248 would strengthen an increase to the 2nd colossal obstacle at $0.251. That would expose the 50day EMA at $0.254. Breakouts from this region would authorize a bullish sign for ADA. Nonetheless, failure to beat the 50day EMA would uncover the $0.240 value territory.

As mentioned, ADA enthusiasts should evaluate overall market sentiment. The bears have flexed their power until 2022’s final day. The market remains in bear hands as analysts trust 2023 would be favorable for risk assets.

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