Cardano Price Forecast as ADA Shoots Up 5% – Time to Buy?

cryptonews.com:

The Cardano price has jumped by 5.5% in the past 24 hours, reaching $0.382443 and recovering from an inflation-induced selloff yesterday. However, it remains down by 11% in the last seven days, subdued by negative macroeconomic conditions weighing down the wider cryptocurrency market.

Since dropping to a seven-day low of $0.351706 yesterday, the ADA price is in fact up by 8.8%, although more rises are likely in store in the near future, given just how discounted the altcoin is relative to its fair value. And with the Cardano ecosystem expanding steadily over time, it's in a very good position to rise significantly once market conditions become more favorable.

Looking at ADA's chart, now really is a good time to buy, if only because the altcoin is currently oversold. This is revealed by its relative strength index (purple), which remains under 30 but looks like it has just begun turning upwards.

Based on previous instances where ADA's RSI has dropped below 30 in the past year, it's due a noticeable rise in price. Indeed, it's likely to continue increasing beyond its 5.5% rise today, even if the overarching negative macroeconomic conditions would suggest it could continue rising for too long.

Previous instances of rises from an RSI of under 30 would suggest that ADA is due to jump anywhere from 20% to 30%, relative to its low yesterday. This would indicate an ADA price between $0.423 and $0.457, although it's worth remembering that it may take the altcoin anything from several days to several weeks to rise to such levels.

As far as the longer term picture, there's plenty of reason to suspect that the ADA price will rise well beyond such levels in the more distant future. This is largely because the Cardano network and ecosystem