Cardano (ADA) has seen a lot of volatility in recent weeks. After hitting new lows during the January crypto slump, the coin has recovered a bit but lags behind some of the major coins in terms of gains. But is there any upside for growth? After all, the coin has traded in the red in the last two trading sessions. Here are some highlights:
At press time, Cardano had shown some signs of reversing the downward trend.
The coin is trading at $1 down about 4% in the last 24 hours.
Cardano has seen strong support at the $1 over the last few weeks.
Data Source: Tradingview
Cardano (ADA) – what to expect in the coming days
Geo-political tensions in Eastern Europe have been playing a key role in influencing investor sentiment in crypto over the last few weeks. In fact, it is estimated that over $160 billion in crypto value has been lost due to this threat of war. For this reason, expect a lot of volatility around Cardano (ADA) in the days ahead.
However, the key to watch here is the $1 support. Despite massive selling pressure, ADA bulls have held this support very well. If indeed the coin is able to keep the price action above $1, then a surge towards $1.5 is possible. But if we dip below $1, then there will be a significant additional weakness to come.
Is Cardano (ADA) a good buy today?
Cardano (ADA) has always been a good buy in the long term. But price volatility in recent weeks has made it a bit harder for investors to truly predict the direction of this asset.
The truth is ADA is one of those few coins in the market that should be in your portfolio. It has a proven track record of delivering value, superb fundamentals, and a lot of credibility in the crypto space.