Cardano Price Prediction as ADA Goes Red – Should You Invest Today?

cryptonews.com:

ADA has just dropped by 1% in the past hour, falling to $0.443 after the Cardano price climbed to a 24-hour high $0.463 earlier this morning.

This fall comes as the wider market suffers a 1% loss in the past 24 hours, with ADA now having declined by 14% in a week and by 31% in the last 30 days.

It’s also disappointing that ADA is up by only 10% in the past year, whereas coins such as Bitcoin (BTC) and Ethereum (ETH) have posted gains of 111% and 60%, respectively, across this period.

However, it’s entirely arguable that ADA’s strong fundamentals mean the market is grossly undervaluing the coin right now, and that it’s only a matter of time before it begins to compensate.

If there’s one positive thing to say about Cardano’s chart at the moment, it’s that it shows the alt reaching what has to be a bottom.

Its relative strength index (purple) has fallen to 30 this morning, although it has begun to recover ever so slightly since dropping, potentially a sign of an incoming recovery.

Meanwhile, ADA’s 30-day average (orange) continues to fall further below its 200-day (blue), ordinarily a sign of strong selling pressure.

Yet such selling can continue for only so long, implying that it may only be a matter of time before we see Cardano stage an impressive comeback.

Indeed, it may take only one big order for the Cardano price to rise aggressively, given that its volume remains relatively low today, at $300 million.

And recent analysis has shown that whale purchases of ADA have risen to their highest level since November this week.