Cardano Price Prediction: ADA Uptrend Still Intact, But Bearish Breakout Threat Grows

Key Points

• Cardano bounced from the key $0.53 support area and is slightly higher on Thursday above $0.54.
• ADA’s uptrend, for now, remains intact, but it is increasingly threatening a bearish breakout.
• Details for the upcoming Cardano Summit 2022 will soon be announced.

Cardano Increasingly Threatening Bearish Breakout

ADA, the native token that powers the Cardano blockchain, was last trading with very modest gains of just over 0.5% on Thursday, as it rises from Wednesday’s lows in tandem with a modest recovery being witnessed across cryptocurrency markets. The cryptocurrency was last changing hands just above $0.54 per token, having rallied from key support in the $0.53s in the form of its 21-Day Moving Average (currently at $0.5290) and an uptrend from the mid-July lows.

ADA’s uptrend remains intact, suggesting that an eventual move back above $0.60 in the coming session is possible, as long as broader cryptocurrency sentiment holds up relatively well. ADA bulls continue to hope the cryptocurrency can eventually still hit the next major resistance zone in the $0.67-0.69 area. But ADA is increasingly threatening a bearish breakout from this gradual uptrend.

A break under the aforementioned key support area in the $0.53s would open the door to a quick drop back towards $0.50, with the 50DMA just below at $0.4950. A break under this level would open the door to a test of late-July lows in the $0.45 area, and possibly even a test of July lows in the $0.40 area. That would mark a 25% drop from current levels.

Cardano Summit 2022 Details Coming Soon

According to the official Cardano Foundation Twitter account, the details of the Cardano Summit 2022 are scheduled to be released soon.

🎉Get ready! Details coming soon.#CardanoSummit2022#BuildingOnCardano#CardanoCommunity pic.twitter.com/YUJMcJN2TC

— Cardano Foundation (@CardanoStiftung) August 17, 2022

The Cardano Foundation is a non-profit organization set up to support the growth of the Cardano ecosystem.