Interesting Cardano (ADA) Price Predictions as of Late

TL;DR Popular analysts remain bullish on ADA, pointing to strong fundamentals, rising adoption, and other factors as signs of a potential rebound. Data shows ADA outflows from exchanges have significantly exceeded inflows lately, hinting at reduced selling pressure and a possible foundation for upward price movement. Time for ADA to Shine Again? The price of Cardano’s native token has plunged by around 9% on a weekly scale to the current $0.69 (per CoinGecko’s data). Despite the pullback, though, analysts and industry participants remain optimistic that a rebound could be on the way. The X user Sssebi assumed that ADA is gearing up for a rally, claiming that “the bulls are strong and the buying pressure is growing.” Prior to that, the trader suggested that the asset’s recent drop to nearly $0.65 could have signaled a local bottom. “Let’s get above $0.70 now and back above $0.75,” they added. Lucky chipped in, too. The analyst, who has over 2.2 million followers on X, described ADA as a “top 10 gem, primed for another move.” This isn’t the first time Lucky has spoken favorably about ADA. Earlier this year, the analyst envisioned a price pump beyond $2, citing Cardano’s “strong fundamentals, rising adoption,” and growing ecosystem. The X users, Henry and Ali Martinez, also gave their two cents recently. The former labeled ADA as the ocean: “calm, deep, and misunderstood. “ The analyst claimed that the token was “built to last, “ forecasting a surge to $3 sometime this year. Martinez touched upon the matter in mid-May when ADA was worth around $0.78. He assumed that the price may hit $1 in case it breaks above the resistance level of $0.81. The valuation briefly soared above that mark in the following days, only to head south shortly after. In fact, the last time the cryptocurrency traded beyond $1 was in early March this year. Selling Pressure Goes Down An essential element worth observing when trying to predict ADA’s future price dynamics is the asset’s exchange netflow . Data compiled by CoinGlass reveals that, in recent weeks, outflows have significantly outpaced inflows. ADA Exchange Netflow, Source: CoinGlass This trend suggests that investors may have transitioned from centralized exchanges to self-custody solutions, thereby reducing the immediate selling pressure. The post Interesting Cardano (ADA) Price Predictions as of Late appeared first on CryptoPotato .

Source: Crypto Potato