Cardano Price Declines 15% in Last 30 Days Amid Market Struggles
Cardano's ADA price has experienced significant downward pressure, recently dropping below $0.3550 and declining approximately 15% over the past 30 days. This performance has resulted in unrealized losses for many holders, prompting selling to mitigate losses, which may further depress the price in the short term.
Analyst Says Cardano Price Is Already 80 To 90% Into Correction
The current ADA price action poses challenges for long-term holders. An analyst on TradingView suggests that these holders should continue holding since 80 to 90% of the price correction is reportedly complete. Currently, Cardano trades around 56% below its 2024 high of $0.7742, despite market rallies in September and October. Analyst Alan Santana notes ADA is consolidating at November 2023 price levels, indicating limited upward movement.
In contrast, larger cryptocurrencies such as Bitcoin, Solana, and BNB are nearing their 2024 highs. There is a potential for further declines in ADA if Bitcoin experiences a major correction; however, Santana indicates that any drop would likely be temporary, lasting only days or weeks.
Sustained Long-Term Growth For ADA
Santana advises against selling ADA now, particularly for those who have held through corrections. He emphasizes that ADA prices are already low and within an accumulation zone. A long-term focus is recommended, with expectations of recovery from November 2024 to February 2025, followed by a more significant bullish phase projected to begin in March 2025. At that time, ADA could exceed $0.70, reflecting a 130% increase from current levels.
As of this report, ADA is trading at $0.3371, having increased by approximately 1.25% in the past 24 hours.
