Cardano (ADA) Price Forecast: Is a Nosedive to $0.30 Inevitable?

ADA — Status

The following information provides a high-level summary of ADA and this price forecast post.

Analyzed Period

Daily Chart

Forecast Short-Term


Forecast Long-Term


Cardano (ADA), one of the leading players in the realm of cryptocurrencies, is currently navigating rough seas in the market alongside a significant number of its counterparts.

In our previous analysis of ADA, we anticipated a continuation of its long-term upward channel and expected a run-up of around 30%. However, the recent market dump has drastically altered this scenario, calling for an updated analysis and forecast.

ADA Forecast — Status & Background

Currently, ADA is trading at $0.35, a significant dip from its recent high. It is worth noting that ADA broke through a major support line at $0.36, which also marked the lower boundary of the upward channel it has been trading in.

This break is a clear bearish signal, which, when combined with the overall bearish market trend, points towards a potential further downturn for ADA in the short term. This invalidated upward channel and breach of support starkly contrast our previous forecast, illustrating the volatility and unpredictability inherent in the cryptocurrency market.

Technical Indicators


Moving Average

Strong Down






The technical indicators for ADA further bolster our revised short-term bearish forecast.

The Simple Moving Average (SMA) and the Exponential Moving Average (EMA) indicators, both of which have been reliable indicators in the past, signal a strong downturn in the short term. However, they still point to an upward trend on the medium and long-term horizons, keeping the long-term potential of ADA intact.

The Relative Strength Index (RSI) for ADA is currently in the oversold territory, further emphasizing the bearish pressure. This pressure is also echoed in the Moving Average Convergence Divergence (MACD) and the Momentum (MOM) indicators, both signaling a bearish trend.

The Ultimate Oscillator follows suit, indicating bearish conditions for ADA. On the other hand, the Average Directional Index (ADX) stands weak, suggesting a lack of a strong trend.

ADA Cardano Price Chart 5th June 2023
ADA Cardano Price Chart 5th June 2023

ADA Forecast

From a long-term perspective, ADA still presents enormous potential, and the current downturn might merely be a hiccup in its larger journey. However, the short-term forecast appears to be bearish.

If the market continues on its current trajectory, we expect ADA to potentially dip further, possibly hitting the $0.30 mark in the worst-case scenario.

As ADA descends, $0.34, $0.33, and $0.32 will be critical support levels. However, we do not expect these levels to hold given the current market conditions. Instead, we anticipate that ADA may continue its decline until it bounces from the $0.30 level, a strong support line.

For traders, this short-term downturn presents an opportunity. However, keeping a close eye on the support lines and the overall market conditions before initiating any trades is crucial.


In sharp contrast to our previous forecast, ADA has broken out of its long-term upward channel, with its price descending through a major support line at $0.36. Currently trading at $0.35, ADA’s short-term forecast appears bearish due to the overall market conditions and the technical indicators.

We anticipate ADA to dip further, potentially hitting the $0.30 mark in the worst-case scenario. However, the long-term potential of ADA remains intact, promising exciting opportunities ahead.

About Cardano (ADA)

Cardano (ADA) is an advanced smart contract platform that uses a research-first-driven approach. Built on a robust and flexible layered architecture, ADA aims to deliver the most secure and scalable infrastructure for the development and execution of smart contracts. In addition, the platform’s native token, ADA, is used for various network operations and governance.

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