The start of March has been bittersweet for Cardano (ADA) but mostly, the coin has traded sideways. As more bear pressure starts to build, ADA is staring at the possibility of hitting an all-time low in the near term. Here are some notable highlights:
Cardano (ADA) has broken the crucial $0.8 support
At press time, the coin was trading at $0.79, up around 1% for the day.
More weakness will follow, and ADA could bottom below $0.7, the lowest level this year.
Data Source: Tradingview
Cardano (ADA) – Price analysis and prediction
After trading sideways for most parts of March, Cardano (ADA) looks like it doesn’t have any bullish momentum to rise further. The coin had managed to hold the $0.8 support over the last week or so but that level has now been breached. At the time of writing, ADA was trading at $0.79.
We expect more weaknesses to follow. In fact, looking at the daily price movement today, ADA has moved predictably sideways again, posting gains of just 1%. It is likely that the coin will bottom at $0.7 or lower. This could push ADA to its lowest level this year.
The fall from grace couldn’t be more shocking. At the tail end of January, ADA was testing $1.64 in what appeared to be a decent upward trajectory. But as of now, the coin has lost over 50% in value from those highs.
Is Cardano (ADA) a good buy
Despite its up and downs, ADA still remains one of the main crypto assets in the market. There is no doubt that the long-term fundamentals will still remain positive.
But in case you would love to get ADA cheaply, it would be nice to wait a few weeks. Once the coin bottoms below $0.7, you can swoop in, buy, and hold it for a year or so.