Cardano is undergoing a tumultuous price recovery phase. ADA has touched rock bottom at $0.43 at press time and is now building efforts to rise from the abyss to carve a new price milestone. The token has shed 7% of its valuation in the last year and has been trading in red for most of the current bull season.
However, rock bottoms often push crypto prices up to stabilize them. This is precisely what the ADA community is hoping for—for ADA to peak now that the token has touched a low of all sorts.
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Cardano Retest: What’s Happening
Cardano is currently up at $0.43, a new low that ADA has encountered this bull season. Per crypto analyst Sssebi, the token is currently in the process of rebounding from the bottom trendline, acting as support. This roughly entails that the crypto may peak at $0.50 this week and may jump to retest to check its true mettle.
The analyst was quick to point out a new development. Sssebi shared how Cardano’s RSI is also noting a surge while ADA is getting “higher lows.” This development is indicative of ADA hitting the lowest rock bottom, which will now ultimately help ADA pick up its pace to ascend to new price highs.
“ADA is bouncing from the bottom trendline, acting as support. We could see a $0.50 retest really soon, most likely this week. RSI is slowly going up while we are getting higher lows; this is a sign that the bottom was reached, and I expect some bullish price action.”
Cardano Weekend and Monthly Forecast
The real test for ADA is to break off the resistance that the token has been encountering as of late. The ADAs price can peak at $0.55 this week, as predicted by notable analytics platform CoinCodex. The token may encounter issues rising up to the occasion, which may push its price to $0.41.
“The Cardano price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these Cardano projections, ADA will be changing hands at $0.414706 on May 20, 2024, losing 5.64% in the process.”
However, another crypto analytics platform, Coinpedia, shared how ADA may peak at $0.55 by the end of May 2024. The platform shared that the token can surge to $0.55 and may also drop to $0.35 if ADA fails to breach past barriers.
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“However, the bullish divergence in the daily RSI speaks of a different possibility. As per the momentum indicator and a potential double bottom at $0.45, the ADA price could resurge. A bullish comeback could drive the altcoin to the $0.55 mark. Conversely, a downfall below $0.45 could plunge the altcoin price to $0.35.”