Cardano Price Forecast – Can ADA Beat its All-Time High?
Cardano was one of the biggest losers after the US Consumer Price Index was released on Thursday.
ADA dipped to a 21-month low of $0.35 in the immediate aftermath of the announcement, a price that has not been seen since January 2021.
The coin has made a slight recovery to $0.37 but is still 4% down in the last 24hrs and 12.5% down in the last seven days - the second-largest amount of any coin in the crypto top 25 (Uniswap is 13% down).
Bears have hold of Cardano and as CryptoNews analyzed earlier this week, ADA did have strong support at $0.39 but that was broken through in the wake of the CPI announcement.
Support was found at $0.34 but should another sell-off occur then a sharp downtrend to $0.25 - even $0.15 is possible in a worst-case scenario.
However, despite continued losses for the coin, ADA is deep in oversold territory, currently sitting at 26 on the Relative Strength Index (RSI).
Speaking earlier this week ahead of the CPI, founder Charles Hoskinson said he believes crypto will eventually decouple from the traditional stock market, but that point has not come yet.
In an interview with Fox, he said:
“I used to believe that crypto would be counter-cyclical and be a place where people would put assets when they are fearful of the global economy.
"But so far they seem to be moving in parallel with tech stocks and some more of the more standard equity markets. So that’s kind of a problem.
"But all things considered, I think that long term the crypto markets are going to decouple from the traditional marketplaces and have their own economy similar to how energy has its own economy or these types of things.
"It’s probably going to occur in the next 24 or 36 months. I think there’s a lot of opportunity here."
Buy ADA on
Read more on cryptonews.com
