Cardano (ADA) Price: Soar to $45 or Freefall to $0.2?

Bittime -In the last few weeks, Cardano (ADA) price has faced pressure with 5 consecutive weeks of price decline. Cardano, which has been part of a major bull run since October 2023, has fallen as low as $0.4. In the past week, this crypto asset fell almost 7%, with only 25% of traders managing to make a profit.

Investor Sentiment and Cardano (ADA) Selling Pressure

Although Cardano has experienced continuous selling pressure, investor sentiment has subsided due to declining trading volumes and continued selling pressure, which contributed to ADA's current position below the key moving average.

Analysis from crypto analytics platform Santiment identified ADA as one of the most traded altcoins briefly along with XRP after a temporary rally. However, analysts remain optimistic and note that this is a good sign for bullishness.

Hope in the Midst of Chang's Hard Fork

Despite ADA facing price challenges, the Cardano community is eagerly awaiting Chang's upcoming hard fork scheduled for this quarter. The update is touted as the biggest since Vasil in September 2022 and promises to introduce community governance features.

Recently, Cardano published their Interim Constitution. This foundational document will guide the Interim Constitutional Committee (ICC), which played a crucial role during the technical bootstrapping phase of Chang's hard fork.

The ICC is tasked with ensuring that all governance actions comply with the mandate of the interim constitution. The ongoing voting process for the ICC is expected to be completed by June 23, while the results of the committee elections will be announced on June 26.

Cardano Price Prediction

Although ADA does not currently have a strong support level, some analysts have identified a potential ascending channel on the weekly chart. TradingView analysts expressed optimism about the possibility of a new cycle that could push ADA toward $45 or higher within the channel in the next bull season.

Rather, some analyst, like analysts from Swallow Premium, predict further downside, identifying $0.2465 as a critical support level after ADA failed to consolidate above the local liquidity level of $0.40.

However, ADA is stuck in a strong support zone between $0.37 and $0.30, where around 568,000 addresses hold 3.15 billion ADA worth around $1.3 billion. Maintaining this support level will be key for ADA to maintain upward momentum and potentially recover from its recent price decline.

Conclusion

Cardano's current price movement reflects broader market uncertainty, with significant selling pressure and low trading volume. However, with major updates such as the Chang hard fork and potential changes in the market cycle, there is hope that ADA could recover and even reach higher price levels in the near future.

Observations of key support levels and further developments in the Cardano community and technology will be determining factors in the ADA price journey ahead. At the time of writing, ADA was trading at $0.3874, reflecting a loss of 0.002% in the last 24 hours.

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