Cardano ADA has been one of the most talked-about cryptocurrencies in recent months. Its price action has been volatile, but many analysts believe that it is about to pump. In this article, we will take a look at the current state of Cardano ADA and discuss whether or not it is a good investment.
Price Analysis
The 1-hour, 4-hour, and daily charts for Cardano ADA are all oversold, suggesting that a move to the upside is possible. However, the recent sea wave move underperformed, forming a corrective structure. As a result, the price dipped to 34.91 cents, which is a crucial support level. It is now expected to move upward.
JB is anticipating a retracement to 37.33 to 35.47 cents before the next pump. The price has lost the 50 EMA and 50 SMA, and it is currently testing the 200 EMA. There is also the potential for another ABC corrective structure before a move to the upside.
Chart Predictions
JB is speculating that Cardano ADA could form an ABC corrective structure, followed by a bullish run. The weekly chart analysis indicates that the upper retracement areas and targets are between 40.8 and 46.4 cents.
Bearish Perspective
Other analysts, however, have a more bearish outlook. They point to the fact that the weekly stochastic has been in an overbought position for four weeks. They predict that there will be a correction, and they are targeting a price below 20 cents. They believe that the current move is part of the Z wave in the bear market.
Onchain Data and Staking
The total value locked in (TVL) in Cardano’s era has been increasing in recent weeks. This suggests that investors are becoming more confident in the project. However, it is important to note that the TVL is still relatively low due to the bear market.
Staking ADA is a great way to earn passive income. There are many different staking pools available, and the Cheek Stake Pool is one of the most popular. The Cheek Stake Pool is also eligible for earning Dust tokens in the upcoming airdrop.
Midnight Project
Midnight is a new project on the Cardano ecosystem. The launch of Midnight was announced recently. ADA holders can stake their ADA to earn Dust tokens in the upcoming airdrop.
Conclusion
Cardano ADA is a promising cryptocurrency with a strong team and a vibrant community. However, the price of ADA is currently in a bear market. It is important to do your own research before investing in any cryptocurrency.
