ADA Bulls Unfazed: Analysts Predict Price Surge Despite Current Dip

Cardano Price Prediction: Analysts Advise Against Selling ADA at Current Moment

The price of ADA, the native token of the Cardano blockchain, continues to move within a well-defined wedge, according to a recent report by TradingView analyst CobraVanguard. The analyst believes that if the current wedge is broken, the token may not fall below the $0.80 support level. Meanwhile, a break above the wedge could see Cardano reclaiming the $1 psychological price point.

The bullish sentiment surrounding ADA is attributed to the recent approval of Grayscale's Cardano ETF filing by the SEC. This approval could serve as a potent bullish catalyst, pushing the token's price higher for an extended period. Moreover, it could spark a price rally for ADA, potentially setting a new all-time high.

Despite the positive outlook, the actual price of ADA is currently showing bearish momentum, hovering at $0.66 with a 2.69% downtrend at press time. However, analysts suggest that this bearish movement is due to broader market sentiment. They advise that the token is in its buying phase, which could catapult ADA to newer heights.

Crypto analyst Sebastian predicts a meteoric rise in ADA pricing, stating that the current slump is merely a temporary setback. In another post, the analyst claims that selling ADA at the moment would be foolish, as an inevitable price rally is on the horizon.

Analyst Ali Martinez emphasizes the importance of ADA holding a critical support zone between $0.67 and $0.80. As long as this support holds, ADA's bull run will remain intact. All signs suggest that ADA is poised for a major positive price action.