The crypto market has been in a downtrend since the last quarter of 2021, which Bitcoin and Ethereum mainly led, but some altcoins took a bullish trend last month, but Cardano broke the support again. ADA has been finding momentum since last year when it was around an all-time high, but this steady progress is often confusing and results in poor results. However, many experts also suggest that ADA is forming a bottom for the long term, and it will turn bullish very soon.
The ADA coin price will rise when the team focuses more on extending their use cases. However, the implementation of adoption takes time, and it impacts the price at a much later stage. The lack of public relations and confusing policies are also reasons for the downfall.
However, Charles Hoskinson has resolved these issues by updating websites regarding Shelly’s main net and other updates. In 2022 the price of the Cardano is low, and it has dropped so much from its all-time high, but it may change the momentum soon.
Cardano is a faster-growing network, and the hype about this altcoin is always there in the market. Moreover, it is known as an ‘Ethereum killer,’ so it has a huge potential to extend its use cases and kill its competitors in the market. Though it is not the ideal time to invest in Cardano, if you are interested, read our ADA coin price prediction to learn the right time for investment and possible short/long-term strategies.
At the time of writing this post, ADA was trading around $0.36, which is below the previous support of $0.42. The candlesticks are forming around the lower Bollinger Bands with bearish MACD and RSI. Moreover, RSI is in the oversold zone, which suggests extreme bearishness for the short term.
Even on the weekly chart, most technical indicators are bearish, suggesting Cardano will take support around $0.34, but if it breaks the level, the next support will be around $0.17. We think it is not an ideal time to buy ADA crypto for the long term. You can add it to your watch list and invest when it forms support around a certain level.