Cardano Market Analysis

Cardano traders must remain cautious, as the $0.82-$0.88 was a supply zone.
Anticipation of a move to $0.62 in the coming days exists, and bulls need to halt the downtrend there.

The decision on a Cardano [ADA] spot ETF is looming, with a deadline on March 27.

Recently, a surge in Cardano whale token movements has prompted speculation: was this accumulation before the ETF decision, or just asset distribution?

Price charts provide insights into market sentiment. Currently, ADA is falling rapidly and might drop to $0.60 in the coming weeks.

Volume Profile Insights

The volume profile shows that $0.9 and $0.74 could be crucial levels. The swing structure of ADA is bearish, marked by a rally in November that exceeded previous highs of 2024. Since then, the token has experienced lower highs and lower lows.

The recent low stands at $0.845, while the last lower high peaked at $1.13 in January, followed by a sharp price drop that shifted the swing structure bearishly.

The Fixed Range Volume Profile from February revealed three high-volume nodes at $0.74, $0.59, and $0.45, with a Value Area high at $0.876. Recently, Cardano has found support around this level.

The quick price bounce from $0.68 indicated some bullish momentum in lower timeframes, particularly as ADA moved beyond the high-volume node at $0.74.

Despite this, the Awesome Oscillator shows that bearish momentum remains dominant, although it has weakened after the recent price bounce. Combined with the bearish structure, this suggests that a bounce toward $0.87-$0.90 could occur before the downtrend resumes.

To halt this downtrend, Cardano bulls must stop forming lower lows. This can only be achieved once a range is established, but as of now, that has not happened.

In conclusion, the Cardano price prediction for the upcoming months indicates a continued downtrend. A range formation between $0.68-$0.81 may occur, but it might take a week or two to materialize.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.