Cardano (ADA) Lost 6.7% Price Value in 24 Hours – Is Bullish Trend Over?

Cardano's ADA token performed impressively in the first quarter of 2024. According to sources, the coin surged from $0.59 at the start of the year to $0.80 in March.

The last time the coin reached this level was in May 2022, two years ago, and it has caught attention. But, since the start of Q2, things seem to be going bad as bears display strong momentum.

After many battles between the bulls and bears, ADA's price is now below $0.59, representing a 6.7% price decrease in the past 24 hours.

Also, ADA is down by over 13% in the last seven days, showing how active the bears have been in the market. However, despite this bearish sentiment, some factors could help the price reverse from this level to the top.

Cardano Upcoming Hot Wallet Can Sign On-chain Message - Will this Influence ADA's Price?

There has been a positive development within the Cardano ecosystem that could make the network friendlier to developers. On March 31, cofounder of Paima Studios and known Cardano (ADA) contributor Sebastien Guillemot shared something very bullish via the X platform.

Message signing in general is a very useful thing

It allows proving address ownership without on-chain transactions

Useful for
- Using L2 wallets from L1 accounts (Catalyst, Milkomeda, Mithril)
- "Login with Cardano" on websites (edit your profile on jpg store)

and more

- Sebastien Guillemot (@SebastienGllmt) March 31, 2024

According to the contributor, Cardano will soon launch its script, which will help users sign on-chain messages. Further, he explained that the development will be very useful in the ecosystem.

Firstly, the wallet signing system will increase dApp usage (onboarding hardware wallet users to dApps)" and will also increase safety. Still, on the X thread post, Guillemot mentioned Ethereum (ETH) and EVM networks, saying they have similar features.

However, Cordano's UTXO-based design speeds up message signing with scripts. This difference highlights Cardano's efficiency over Ethereum in message signing.

This development could make Cardano the top choice for builders to develop decentralized applications, boosting investors' confidence. As a result, demand for the native token will increase.

With increased demand and positive sentiment, ADA's price could experience upward pressure.

ADA Price to Surge by 670%, Analyst Predicts

Popular crypto analyst Ali Martinez recently shared insights on Cardano's future price movements. Drawing from historical patterns, Martinez sees similarities between ADA's current price action and its behavior from 2018 to 2021.

The weekly chart provided by Matinez highlights ADA's recent breakout from a consolidation zone resembling that of 2018 to 2020.

So far, #Cardano resembles the pattern observed from 2018 to 2021.

Should this fractal continue, anticipate $ADA to consolidate in the $0.55 to $0.80 range in the coming weeks, followed by a surge to $1.70. After this upswing, expect a period of further consolidation, setting... pic.twitter.com/46LIp2hkMx

- Ali (@ali_charts) March 16, 2024

Based on that, Martinez anticipates ADA's price to oscillate between $0.55 and $0.80 in the short term before experiencing a significant upswing to $1.70.

This projected surge, representing over a 160% increase, could pave the way for further consolidation.Martinez believes this could lead to a breakout towards $5 for ADA as more investors with FOMO join.

Meanwhile, last week, a whopping $1.1 million was poured into a Cardano-focused investment product.This info was shared by Jame Butterfill, highlighting data from CoinShares about the assets moving around in crypto investment each week.

A recovery for Bitcoin ETFs, with US$862m inflows last week pic.twitter.com/D1OWUSdGIU

- James Butterfill (@jbutterfill) April 1, 2024

Since the start of the year, about $6 million has flowed into investment products tied to ADA. Even though Cardano saw a bit of a dip, new data hints that things are looking up by the end of the month.

ADA Price Analysis: Bearish Sentiment and Potential Reversal

Currently, ADA is showing signs of bearish sentiment, indicating a downward trend in its price.The SuperTrend indicator, for instance, is displaying a sell signal. This suggests that investors are selling off their ADA holdings, leading to a decrease in price.

Additionally, the MACD indicator is below its signal line and is trending downwards.This further supports the bearish trend in the market, indicating continued price drops.

Despite this bearish outlook, there is still hope for ADA to reverse its trend, but it's not likely to happen immediately.

The current price chart reveals that ADA is hovering around a crucial support level of $0.58. This level will play a significant role in determining the market sentiment going forward.

Based on the price chart, it's evident that bears are attempting to break this support level. In light of this, traders are advised to exercise patience and wait for the price to potentially drop to the region around $0.50. This level is seen as a potential reversal point.

However, investors must know that anything can happen at any time in the crypto market. So, trade with caution. But, for investors who are not convinced that ADA could reverse, there's another coin to check out. This coin is creating quite a buzz in the market.

Dogecoin20 Raised $10 Million in Presale - Last to Bag Before DOGE Day

Dogecoin20 has raised a whopping $10 million in just over a week, making it the hottest meme coin in the market right now.Investors have one last chance to get in on the presale before its DEX launch on April 20

During the presale, the price is set at $0.00022, but once it's on exchanges, the price could go up based on how many people want to buy it.So, if you miss out on the presale, you might end up paying a lot more later on.

$DOGE20: Ready for Launch on International DOGE Day

Meme coin fans have dubbed April 20 as International DOGE Day. This day usually makes people interested in meme coins.

Doge Day gets people really excited about crypto, and in 2023, Dogecoin went up by over 50% before the day. Now, with Doge Day coming up in less than a month, people are getting excited for another big moment for meme coins.

Dogecoin20 will launch on that day, giving new investors a chance to join when the excitement is highest. Since Dogecoin20 did really well in its presale and it's connected to Dogecoin, things might go well with it.

As the event gets closer, there's not much time left to buy at the set presale price.Don't miss your chance! Stay updated by following the project on X or joining its Telegram group.

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