Cardano's Price Hits 22-Month Low: Can ADA Rise From Here?

Cardano (ADA), one of the leading cryptocurrencies, is navigating challenging waters. The recent dump has investors concerned about ADA, though a recovery remains possible. Cardano has plunged 26% in the last 30 days after being repeatedly rejected at $0.45 levels.

ADA Price Analysis: A Deep Dive

Cardano’s price has produced three distinctive lower highs since the December peak of $1.326, highlighting the predominant bearish trend. This recent price action culminated in Cardano’s Price Hits 22-Month Low. But is this the bottom?

Cardano (ADA) has recently experienced a significant price decline, reaching a monthly low of $0.86. ADA's December low of $0.85 marks a 10.37% dip, but MVRV metrics suggest a rebound from undervaluation zones.

Signs of Potential Recovery for Cardano

The Cardano (ADA) cryptocurrency has demonstrated a notable recovery since late January, as its price rebounded from a low of $0.444, marking a significant bounce.

Cardano hits a monthly low of $0.86; MVRV ratio suggests an accumulation zone, signaling potential for recovery. While a 22-month high NVT ratio hints at weak on-chain activity for Cardano, the 9th largest cryptocurrency by market cap, these indicators can also represent an opportunity.

The NVT ratio at a 22-month high indicates weak on-chain activity.

What's Next for ADA?

While the short-term outlook remains uncertain, the MVRV ratio suggesting an accumulation zone offers a glimmer of hope. Whether ADA can rise from this 22-month low depends on various factors including overall market sentiment, project development updates, and adoption rates. Keep an eye on key resistance levels and volume surges for confirmation of a potential trend reversal.