Renowned smart contracts platform Cardano (ADA) is in a turning point and opinions on its near future vary among analysts. While some see a bullish breakout, others get ready for a negative correction.
Trend Rider, an expert, is upbeat and based on a technical pattern indicating ADA might reverse its direction. Like in other cryptocurrencies lately, this trend shows an initial price surge followed by a retreat.
Trend Rider claims that surpassing the $0.50 threshold may indicate a notable change in momentum, therefore triggering a fresh upswing. Between $0.36 and $0.40, they also draw attention to a purchasing zone that would be ideal for investors.
Cardano At Turning Point
Complementing the research, several crypto analysts project an average ADA price in June 2024 of $0.422, ranging from $0.405 to $0.439. This midpoint estimate gives ADA limited direction for those looking for a clear direction since it puts ADA almost at its present price.
Based on current estimates, the price might rise by 5.00% and by July 12, 2024 the result might be $0.446851. Though this is a positive view, technical data point to a bearish market attitude. With a value of 72 the Fear & Greed Index shows strong market greed. Cardano has demonstrated little volatility at 3.52% over the past month; just 40% of days have been positive, suggesting little hopeful momentum.
Now could not be the best moment to invest in Cardano considering the state of the market and sentiment indicators. The pessimistic attitude and great level of greed point to either a possible market correction or more risk of side volatility. Before joining a position in Cardano, investors could want to wait for a more favorable market situation or clearer optimistic signs.
In the end, several elements outside of technical study will affect ADA’s price path: institutional acceptance, legislative changes, and general market mood.
