Cardano Price Prediction: Today’s ADA Price, 6th Dec 2022

ADA, the Cardano blockchain’s native cryptocurrency, was last trading about 1.5% higher. Despite a more cautious mood in the larger macro trade as a result of impending risk events, Cardano’s native token has increased in tandem with a broad gain in the cryptocurrency markets.

The digital currency was recently trading in the mid-$0.31 range, bringing it back into the black for the week and up slightly more than 6% from its recent annual lows of under $0.30 last week.

Today’s Cardano Price

Cardano Price Prediction

Cardano’s core fundamentals for blockchain advancement are solid, but its native ADA coin remains in a downward trend despite a slight price increase over the last two days. As a result, short-term ADA price forecasts remain pessimistic. ADA is still trading at a 25% discount to its pre-FTX collapse levels earlier this month in the low $0.40s, where it is now trading per token.

The technical outlook for ADA/USD is bearish on some levels. To begin, the cryptocurrency trades below all of its significant moving averages, all of which are pointing downward. ADA, on the other hand, has been trapped inside a bearish trend channel since the middle of August.

When the cryptocurrency retested a critical uptrend that had previously provided support in mid-2022, it failed to break above this downtrend earlier this month. Technically, there isn’t much support until the highs in the summer of 2020, around $0.17, which would be a 45% drop from current levels. Barring a dramatic shift in public perception of cryptocurrencies, ADA appears to be on its way back into the $0.20s in the near future. Currently, it appears unlikely that a rally to $1.0 will occur anytime soon.

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