The Cardano blockchain’s native cryptocurrency, ADA, is trading at the $0.32 mark on Monday. Despite a recent spike of close to 10% this week, generating decent returns for investors, the latest price prediction suggests a bearish outlook.
However, compared to last month’s performance, the Cardano’s token is down more than 20% in the charts. The development indicates that the altcoin is on a slippery slope as its price remains under pressure.
This article will highlight a new price prediction for Cardano’s ADA and how it could perform in the indices this week.
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Cardano Price Prediction: Will ADA Rise This Week?
Current Market Performance
Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for Cardano’s ADA this week. According to the price prediction, ADA has more chances of heading south in the charts than north.
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Price Forecast
The latest price prediction for Cardano’s ADA is pessimistic. The forecast indicates it could fall by 7% this week. Therefore, an investment of $1,000 could wipe out $70 and turn into $930 this week.
The forecast estimates that ADA could fall to $0.30 and trade at a nominal price of $0.32. Cardano’s native token could remain in the red with little to no price spurts throughout the week. This move will test investors’ patience, as the cryptocurrency will deliver nothing but losses.
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“According to our Cardano price prediction, ADA is forecasted to trade within a price range of $ 0.329849 and $ 0.312103 this week. Cardano will decrease by 5.38% and reach $ 0.312103 by August 18, 2024, if it reaches the higher value target,” read the prediction.
Investment Advice
Therefore, it is advised to stay cautious and not take an entry position into Cardano’s ADA this week. The pessimistic price estimation could wipe out your investments in the next few days, and it could be among the least-performing altcoins in the cryptocurrency market this week.