Ethereum

Cardano

bullish

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/forecast-predicts-ada-price-drop-after-cardano-summit/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Forecast Predicts ADA Price Drop After Cardano Summit</a><br></p>
<p style="text-align: justify">Following the conclusion of the Cardano Summit in Dubai, predictions emerged indicating a potential drop of up to 30% in the price of <a href="https://en.coin-turk.com/cardano-faces-price-decline-amidst-regulatory-setbacks/" data-wpel-link="internal" rel="noopener noreferrer nofollow">ADA</a>. During the summit, discussions focused on Cardano’s role in creating a more secure and functional blockchain ecosystem. Crypto analyst Skinny highlighted that ADA has not yet reached its lowest points against Bitcoin (BTC) or <a href="https://en.coin-turk.com/tether-freezes-41-wallets-in-bold-compliance-move/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether</a> (<a href="https://en.coin-turk.com/tether-launches-recovery-tool-for-stablecoin-transfers-across-blockchains/" data-wpel-link="internal" rel="noopener noreferrer nofollow">USDT</a>), suggesting the possibility of a further decline in ADA’s price to around $0.23 based on technical data.</p>
<h2 style="text-align: justify" id="strong-market-activity-decline-what-awaits-ada-holders-strong"><strong>Market Activity Decline: What Awaits ADA Holders?</strong></h2>
<p style="text-align: justify">Although ADA’s price saw a slight increase of 0.4% in the last 24 hours, it recorded a weekly decrease of 8.9%. Furthermore, ADA’s 24-hour trading volume decreased by 14%, indicating weakened market activity and declining investor expectations for ADA’s future. Santiment data also points to a drop in ADA’s social volume, and diminishing public interest may predict a potential price decline. Additionally, Coinglass Liquidation Map data reveals that short positions in the market outnumber long positions by nearly four times, demonstrating a negative outlook among investors regarding ADA’s price.</p>
<h2 style="text-align: justify" id="strong-uncertainty-between-technical-analysis-and-community-support-strong"><strong>Uncertainty Between Technical Analysis and Community Support</strong></h2>
<p style="text-align: justify">The Cardano community continues to maintain its support for the platform, with some analysts arguing that ADA’s price could reach $3 and even $14-$16 in the long term. However, current market data shows that the existing support level hovers around $0.31, with significant resistance points at $0.37 and $0.41. While analysts suggest that a bullish market could commence if ADA surpasses the $0.41 resistance, investor behavior and weak on-chain metrics signal a downward price trend.</p>
<p style="text-align: justify">Charles Hoskinson, the founder of Cardano, remains optimistic about ADA potentially surpassing Bitcoin and Ethereum in the long run. Nevertheless, analysts maintain a cautious stance regarding ADA’s future. The trajectory of Cardano continues to be shaped by market dynamics and investor expectations, making it crucial for investors to closely monitor price movements.</p>
<p>The post <a href="https://en.coin-turk.com/forecast-predicts-ada-price-drop-after-cardano-summit/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Forecast Predicts ADA Price Drop After Cardano Summit</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Forecast Predicts ADA Price Drop After Cardano Summit

Table of Contents

COINTURK NEWS

Other articles published on Oct 28, 2024

Standard Chartered: Bitcoin Could Hit $125,000 If Trump Wins

JUST IN! Binance Announced Its New Altcoin Listed, There Was an Incredible Rise in Price!

1inch, Bruce Lee family launch ‘seriousLee’ DeFi campaign

Will Major Bets Affect Trump’s Election Odds?

Vitalik Buterin Calls Michael Saylor's Bitcoin Custody Remarks “Batsh*t Insane”

GraFun Partners with Floki and DWF Labs to Support Emerging Memecoins

Join our free newsletter for daily crypto updates!