Cardano (ADA) Price Prediction 2024: Can ADA Regain its Momentum and Test $0.45 Again?

After a bullish breakout, Cardano's (ADA) price, one of the top cryptocurrencies, is now slowing down, leaving investors wondering if it can

.45 Again?" >

Cardano's (ADA) price has experienced a rollercoaster ride in recent times. After bottoming out at a 10-month low of $0.279, ADA has since rebounded to around $0.37, attracting renewed attention from traders.

However, despite the recent gains, concerns persist over whether ADA can regain its momentum and retest the crucial $0.45 level. In this analysis, we will delve into the technicals, expert insights, and price predictions to assess the likelihood of ADA reaching $0.45 again.

Cardano Price Analysis: Key Technical Levels to Watch

A recent analysis by BeInCrypto suggests that ADA's price could rise to $0.39 if it manages to avoid falling below the support zone of $0.34. This observation aligns with the technical indicators, which show a possible five-wave move to the upside. However, the recent price dip has reduced the probability of a strong bullish phase. The price movement now appears to be forming a diagonal structure, requiring waves three, four, and five to complete. If successful, this pattern could drive ADA's price to around 48-49 cents.

On the downside, if the price fails to hold above the recent low of 34 cents, a further drop might be in the cards. However, this scenario could be countered by Bitcoin's performance, which is capable of influencing ADA and other altcoins. A breakout by Bitcoin above its resistance could provide a boost to the altcoin market, including ADA.

According to Coinfomania's expert price prediction data, ADA is currently priced at $0.370 with a projected increase of 12.76%, bringing it to $0.406 by 3 September 2024. Interestingly, the technical indicators are suggesting a ‘Sell’ market sentiment. Over the last 30 days, ADA has seen 16/30 green days, reflecting a 53% positive trading trend. With a price volatility of -5.87%, ADA exhibits moderate price fluctuations. In the past 24 hours, ADA has experienced a positive trend of 5.25% since yesterday. The live market cap stands at $13.18 billion, with a circulating supply of 35,629,456,291.502 coins out of a maximum supply of 45,000,000,000 ADA.

Our technical analysis also projects an increase in Cardano Coin's 200-day SMA over the next month, while the shorter-term 50-day SMA is simultaneously expected to reach $0.38 by the same date. The Relative Strength Index (RSI) is currently at 45.56, indicating a Neutral market sentiment for Cardano.

Cardano Coin (ADA) Price Prediction 2024

On one hand, experts at CoinCodex have predicted a -1.67% decrease in ADA's price, dropping as low as $0.34 by August 30, 2024. This analysis seems to contradict the technical indicators, which suggest a possible five-wave move to the upside. However, it aligns with the recent price dip, which has reduced the probability of a strong bullish phase.

On the other hand, BeInCrypto suggests that if ADA can evade dropping below the $0.34 support, we might see a rise to $0.39. Similarly, some estimates predict that Cardano will exceed $10 by 2030, while other experts believe it will drop to $0.21. These varied predictions highlight the inherent volatility and unpredictability of cryptocurrency markets.

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