ADA, the native cryptocurrency of the Cardano blockchain, was last trading about 1.5% higher. Despite a more cautious feeling in the larger macro trade ahead of impending risk events, Cardano’s native token has increased along with a broad gain across the cryptocurrency markets. The digital currency was recently traded in the mid-$0.31 range, putting it back in the black for the week and up slightly more than 6% from the recent annual lows it hit under $0.30 last week.

Today’s Cardano Price

Cardano Price Prediction

Cardano’s core fundamentals for the advancement of the blockchain are solid, but its native ADA coin is still mired in a downward trend despite a little uptick in price over the past two days. As a result, the short-term price predictions for ADA remain pessimistic. ADA is still trading at a discount of about 25% compared to its pre-FTX collapse levels earlier this month in the low $0.40s, where it is currently trading per token.

On some levels, the technical forecast for ADA/USD is bearish. The cryptocurrency, to start, trades below all of its significant moving averages, all of which are pointing lower. ADA, however, has been trapped inside a bearish trend channel since about the middle of August.

When the cryptocurrency retested a crucial uptrend that had previously been providing support in mid-2022, it was unsuccessful in its attempt to break above this downtrend earlier this month. Technically, there isn’t much in the way of support until the highs in the summer of 2020, around $0.17, which would be a further 45% decline from the present levels. In the near future, ADA appears to be on its way back into the $0.20s barring a dramatic improvement in the general opinion toward cryptocurrencies. Currently, it seems doubtful that a rally to $1.0 will occur soon.

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