Cardano is the next-gen evolution of Ethereum’s idea, so ADA is one of the most popular altcoins in the industry. ADA is trading around $0.34. It is forming a short correction on the upper Bollinger Bands, and the price may come to $0.3, which could be an ideal time to buy ADA. Most technical indicators are bullish, suggesting a higher high formation in the next few weeks.
Though the short-term timeframe of Cardano is bullish, the weekly time frame is forming a red candle around the baseline of the Bollinger Bands that suggests a reversal of trends for the long term.
The next two weeks are vital because if Cardano stays in the upper Bollinger Band, we can treat it as a bullish trend reversal. Otherwise, Cardano will continue the downtrend in the next few months. Thus, read our Cardano prediction for a safer investment decision during such a complicated market scenario.
It may not be an ideal time to invest in ADA because the token is bearish for the long term, and you may be struck on the upper price. Based on the technical indicators, ADA has been going through a bearish phase, and it will continue until it decisively sustains over $0.45.
2023 will be a tough time for retail investors, where the market will be more volatile than the previous two years, so you have to pick the right trend at the right time to get a short-term return. If you are an active crypto investor, maintain a stop loss and target price to avoid such volatility.
