Cardano Price Forecast: ADA Targets 87% Gains Despite Holder Outflows (2024)

The Cardano price forecast reveals that the asset has been trending downward despite numerous updates from the team. The upcoming Chang hard fork was speculated to push the ADA price upward, but general market conditions may have thwarted that plan.

ADA price dropped 5% to trade at $0.396 during the European session, as on-chain analysis revealed holder outflow in preparation for the Chang hard fork. Nevertheless, the ADA price chart shows a potential bullish path to $0.68 in the coming days.

Charles Hoskinson Says “Cardano Will Replace Bitcoin in the Future”

Cardano founder Charles Hoskinson believes his asset could replace Bitcoin in the future. This conclusion is based on Hoskinson’s belief that Bitcoin’s utility is limited. In an interview with Altcoin Daily, Hoskinson said the upper limit of Bitcoin is not high; hence, the asset is replaceable.

While this premise may be true, the current reality is that Bitcoin dominance might be responsible for the recent 5% loss in ADA’s value. ADA/BTC price also slumped 2% to 0.00000616 BTC.

Data from IntoTheBlock shows Cardano whales are dormant, with inflow activity down 99.79% and an increase in outflows.

The current decline in the height of the spikes might signal a drop in investor confidence or portfolio rebalancing.

Cardano Price Forecast: Bullish Setup is Complete, ADA Eyes $0.68

According to this Cardano price forecast, the asset has been in a downtrend but shows signs of a potential reversal as it approaches key support levels and forms a bullish pattern. The Cardano price also sports a multi-month falling wedge pattern, which signals a potential reversal. A price action rebound from the upper trendline of the wedge could signal an impulsive upward move. The price of ADA is currently trending below the 50-day ($0.4181) and 200-day exponential moving average (EMA), indicating a bearish trend. However, the price is attempting to break above the 50-day EMA.

Key resistance levels to pay attention to include $0.46, $0.54, and $0.60. Cardano price forecast shows that it may correct lower to $0.36 before rebounding 87% to $0.68. Key support areas to watch include $0.33 and $0.28.

The relative strength index (RSI) is at 44.60, showing a slight bullish divergence. The RSI crossed below its 14-day SMA, indicating that ADA price may face some bearish momentum in the short term before the price reversal. Similarly, the Chaikin Money Flow (CMF) is at 0.13 but has been consolidating since July 13. This indicates the presence of capital inflow and buying pressure, although they are minimal.

Overall, the technical indicators support one correction first, followed by a surge in price for the crypto asset.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.