Is it Too Late to Buy Cardano? Crypto Experts Give Their ADA Predictions
The price of cardano (ADA) has fallen by 0.5% in the past 24 hours, reaching $0.264293 following a bad weekend for the cryptocurrency market as a whole. Its current price marks a 14% drop in a week and a 19% decline in the last 30 days, with ongoing market negativity serving to depress financial markets worldwide.
Given such losses, ADA holders may be hoping that the altcoin has reached a bottom and is due for recovery anytime soon, especially in light of its fundamentals and ongoing development. However, some analysts suspect that the cryptocurrency still has further losses in store before it ends the descent it has witnessed for much of 2022.
Based solely on its technical indicators, observers could be forgiven for concluding that ADA really has hit a bottom. In particular, its relative strength index (purple) has fallen below 40 in the past day or so, signalling that it's oversold relative to previous movements this year.
Similarly, ADA's 30-day moving average (red) has remained decisively below its 200-day average (blue) for all of 2022, again signalling that a more positive correction is due sooner or later.
That said, opinion is mixed as to whether ADA has finished suffering. For some analysts outside of its community, there's a chance of further falls, both in the shorter and longer term.
Self-described value investor Mike Alfred remains decidedly bearish on ADA, recently repeating his prediction that it will eventually fall close to $0.06 or $0.05.
On the other hand, people within the Cardano ecosystem and community continue to affirm that ADA's fundamentals will eventually help push its price upwards, particularly when the market returns to more bullish conditions.
There may be something to this claim, insofar as
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