The Cardano (ADA) price is performing poorly. Apart from early February, the digital currency is now at its lowest level in about two and a half years. Yet analyst MasterAnanda sees signals in this weak phase that the price may be at a tipping point.
Cardano price is still weak, but the technical picture is changing
Cardano’s price currently looks bearish. In recent months, the digital currency has been in a strong downward trend. For example, at the beginning of January, ADA was still worth about $0.47. At the time of writing, the coin is trading below $0.26. This amounts to a decrease of approximately 44.7 percent.
If we zoom out even further, the picture becomes even sadder. In the summer, Cardano was still worth more than 1 dollar.
What is also painful is that the current price is not far away from ADA’s low after the 2021 bull market. After the subsequent crash of crypto exchange FTX, Cardano fell to almost $ 0.22.
Analyst sees chance of sudden turnaround
Yet there is hope, if we can believe an analyst on TradingView. MasterAnanda shared an analysis in which he states that the current weak phase could actually develop into an important turning point for the price.
According to him, sentiment in crypto can change very quickly. “If you look at the chart and the price data, you will see that everything is turning red. Today Cardano is trading at its lowest level since February 6. That was the day of the last major bottom, but also the day the recovery started,” he writes.
He emphasizes that the situation can change quickly. “Everything can change in a flash. What you see today could be completely different in a few days.”
According to the analyst, ADA is therefore in an attractive buy zone. “ADA continues to trade within the buy zone, red but at support. While Cardano is trading at support, there is nothing bearish about the current chart. We are moving up.”
Cardano is teetering on the edge of important support
Analyst CobraVanguard stated last month that the Cardano price is at a crucial technical breaking point. According to him, ADA is testing the bottom of a descending triangle pattern that has been visible since 2021.
In the meantime, no convincing outbreak has yet occurred. The positive thing is that the important support zone around $0.22 to $0.24 will hold for the time being. Should this support break, the price will fall to levels not seen since January 2021.
Source: https://newsbit.nl/cardano-koers-zit-op-laagste-punt-in-jaren-maar-analist-ziet-kans-op-herstel/
