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Cardano price it has faced a lot of downward pressure compared to other cryptocurrencies in the past few weeks. ADA recently start a new descent below $0.3550 area and is now down about 15% in the last 30 days.
This underperformance has kept many ADA holders in the red, with unrealized losses mounting as the price continues to struggle. As a result, it is natural for many to continue selling to cut their losses, which may cause the price of ADA to continue to decline, at least in the short term.
Analyst Says Cardano Price Is Already 80 To 90% In Correction
The current ADA price action is very difficult to deal with, especially for long-term owners who have continued to hold despite the laggard performance. In accordance with TradingView analystthe best way for these ADA managers to continue to approach the ADA price point is to continue holding on. This is because the decline has already developed and we can say that 80 to 90% of the correction is over for this pair.
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To put things into perspective, Cardano is currently trading about 56% below its 2024 high of $0.7742, despite the broad market rallies seen in September and October. According to crypto-crypto analyst Alan Santana in TradingView, the ADA seems to include the same price levels seen in November 2023, indicating a moderate increase.
In comparison, most of the other major cryptocurrencies in the market such as Bitcoin, Solana, and BNB are already on track to retest their 2024 peak made in the first quarter.
Interestingly, there is a chance that Cardano will go down a bit in the coming months, especially if Bitcoin is going to make a big correction. However, as analyst Alan Santana points out, Cardano is already done with its fixes. As such, the new decline in the price of ADA would not be a very strong decline and would last for a few days or a few weeks at most.
Enhanced ADA’s Long-Term Growth
According to Santana, selling the ADA now may not be the best move, especially for those caught up in the renovations. This is because the prices are already really low for ADA, and it is already in the accumulation zone. Therefore, the smart move would be to focus on the long term and wait until the next bull market goes into full swing.
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Santana’s ADA price forecast suggests that although a slight decline is possible, a gradual recovery may follow from November 2024 to February 2025, with the most important phase expected to gain momentum in March 2025. At that time, Santana forecasts a potential return for ADA of more than -$0.70, representing a 130% increase from its current price levels.
At the time of writing, ADA is trading at $0.3371, having increased about 1.25% in the last 24 hours.
The featured image was created with Dall.E, a chart from Tradingview.com
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