Cardano (ADA) Price Prediction: Will the Altcoin Recover From the June Lows?

Cardano's (ADA) price is seemingly recovery-bound, but it would warrant extensive support from the market and investors. Luckily for the altcoin, ADA

Cardano’s (ADA) price is showing signs of recovery, thanks to strong support from the market and investors. Despite ADA’s price registering lower lows throughout June, investors are HODLing. The Mean Coin Age has been rising steadily, indicating that the average age of coins held is increasing. This behavior suggests investors are holding onto their ADA tokens for longer periods, indicating confidence in the asset’s future performance.

Cardano investors’ optimism is further evident in the Global In/Out of the Money (GIOM) metric, which shows ADA facing losses of about 1.7 billion ADA. Bought between $0.39 and $0.42, this $683 million supply could impact the market considerably. However, if Cardano’s price manages to note a successful increase in price, this supply would become profitable. As a result, more investors would be drawn towards the asset, strengthening the overall resilience of ADA in a bearish market.

Cardano’s price fell out of a bullish symmetrical triangle a month ago at the beginning of June. Since then, the drawdown has ensured that ADA is now trading below $0.40. However, with the support of the bullish cues and investors’ confidence, Cardano’s price could bounce back. Once $0.40 is flipped into support, recovery could begin. The target price is $0.42 in the short term and $0.46 in the long term.

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