Cardano (ADA) Price Could Sharply Decline by 30%, as Analyst's Recent Assessment Reveals a 'Grim' Outlook

The bearish outlook for ADA price comes days after the conclusion of the Dubai Cardano Summit, in which sessions discussed the role of this network in building a more secure and functional blockchain ecosystem.

A recent analysis by a crypto analyst has painted a ‘grim’ outlook for Cardano (ADA) price, predicting a sharp decline of up to 30%.

The bearish prediction comes despite a 0.4% gain in ADA price over the last 24 hours, which saw the token trading at $0.3344. However, the recent market activity showed a drop, with a 14% decrease in 24-hour trading volume, as ADA’s price hit a seven-day low.

The broader crypto market signaled a bullish day, with BTC price showing a 2.3% gain and trading at $67,546. Meanwhile, the rest of the top ten coins also signaled gains, except for Solana (SOL), which saw a 0.2% loss.

As می‌کندcryptoranked seven ADA derivatives out of the top ten in terms of 24-hour trading volume, the crypto analyst noted that ADA has not yet hit the bottom against Bitcoin (BTC) or Tether (USDT). He noted a bearish continuation in the price charts and predicted the next stop at $0.23. This marks a 31% Cardano price crash from the current value.

The analysis comes as ADA’s 24-hour relative strength index (RSI) was at 46.4, showing a neutral level. However, the downtrend signaled by the moving averages and the recent market sentiment could lead to a breakout to the downside.

Meanwhile, the rest of the crypto market signaled a bullish day, with BTC price showing a 2.3% gain and trading at $67,546. Meanwhile, the rest of the top ten coins also signaled gains, except for Solana (SOL), which saw a 0.2% loss.

As می‌کندcryptoranked seven ADA derivatives out of the top ten in terms of 24-hour trading volume, the crypto analyst noted that ADA has not yet hit the bottom against Bitcoin (BTC) or Tether (USDT). He noted a bearish continuation in the price charts and predicted the next stop at $0.23. This marks a 31% Cardano price crash from the current value.

The analysis comes as ADA’s 24-hour relative strength index (RSI) was at 46.4, showing a neutral level. However, the downtrend signaled by the moving averages and the recent market sentiment could lead to a breakout to the downside.

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