Cardano (ADA) bounces back from a six-month low
Sentiment in the broader crypto market has started to improve after a selloff earlier this year. Gimbal (ADA), just like other altcoins, saw steep declines in price, hitting 6-month lows during the correction. But we are seeing some rebound. Here are some highlights
Sentiment in the broader crypto is showing signs of improvement, and Cardano (ADA) has improved with it.
At press time, the altcoin was trading at $1.28, up nearly 10% in 24-hour intraday trading.
ADA also rebounded 13% after dropping to 6-month lows earlier in the week.
Data Source: Tradingview.com
Cardano (ADA) – Price Prediction and Analysis
The last two weeks have been quite brutal for crypto investors around the world. The market was largely in the red. Cardano (ADA) and other altcoins were not spared. Earlier in the week, the coin fell to around $1.0701, its six-month low.
But since then, we have seen a sharp rebound of 13%. Moreover, although the coin is below its 200-day EMA, it is above its 25- and 50-day EMAs, suggesting that a decent uptrend is starting to take shape.
So far, ADA has bounced between $1.1785 and $1.2501. We are watching to see if the coin can test the $1.5 mark. This could trigger a decent breakout upside with sustained gains. But if the downside pressure continues to hold, it is likely that ADA could fall back to $1,100.
Should you buy Cardano (ADA)?
The answer is yes. Cardano (ADA) is a promising blockchain project that has seen immense growth over the past few months. It has also attracted a lot of developers and based on its fundamentals, it should be a huge project going forward.
So, for investors who want to buy and hold a decent coin for a bit longer, now is a great time to get into Cardano (ADA).