Cardano Crypto Price Prediction – ADA Ready for Breakout Towards $1?

cryptonews.com:

The price of ADA has fallen by 6.5% in the past 24 hours, with the altcoin moving down to $0.428011. This drop is largely in line with the market, which has also drop by around 6% within the same timeframe, as ongoing fears over the inflation, interest rates and the state of the global economy continue to drive negative investor sentiment.

However, despite today's slip, ADA continues to boast strong fundamentals. Cardano's developers recently implemented the important Basil upgrade, bringing a number of improvements to its mainnet, all of which will help make it more attractive to would-be users and investors.

And with over 1,000 projects building on Cardano, it's highly arguable that all of the ingredients are in place for ADA to rally to higher levels once conditions become more favorable.

At $0.42801, ADA is also 3% down in the past week and by 8% in the last 14 days. It's also 86% down from its all-time high of $3.09 (set in September 2021), a percentage decline which is of more or less the same magnitude as declines witnessed with other layer-one altcoins (e.g. SOL is down by 87%, while DOT and AVAX are down 88%).

In terms of indicators, ADA's relative strength index (purple) has sunk to 50. This signals overselling and the undervaluing of ADA, while the low 30-day moving average (red) relative to the 200-day (blue) shows that ADA is near a bottom.

Basically, technical indicators alone would suggest that ADA is due a rally sooner or later. The complicating factor in this, however, is the global economy, which remains in an uncertain state that's pushing down stock markets and investor sentiment.

And being an altcoin, ADA is at the bleeding edge of such negative sentiment. As with most other major alts, it has fallen by