Cardano is currently hampered by an incremental price pace. The token is reaching new price levels and has adopted a slow price position compared to its contemporaries. However, according to ADA analysts on Bitcoin halved.
Analyst Trend Rider on X issued a positive response to traders busy spreading negative reviews, sharing that Cardano may continue to project bearish sentiment. The analyst was quick to predict a new price trend, adding that ADA is poised to hit a new ATH very soon.
Amid the frenzied scrutiny on X, the Bitcoin halving event is also fast approaching. The event fuels Cardano’s hopes of accepting the massive wave of fund inflows that will be triggered after the halving event.
Also Read: Cardano ADA Bull Run Is Undeniable, Analyst Predicts
Cardano and Bitcoin halved
ADA has been one of the major coins to rule the crypto market space. The token has recently documented a gradual price rise, which has been a major cause of concern among ADA traders.
However, investors are now looking forward to the Bitcoin halving, which could cause the price of ADA to inflate and reach new highs very soon. The Bitcoin Halving event is scheduled for April 20-21. The episode will consist of a colossal infrastructural change for BTC. This change will involve halving miner rewards to control Bitcoin’s scarcity quotient.
This event may also trigger notable price volatility in the crypto market, forcing investors to invest their funds in alternative crypto tokens. Cardano is poised to take advantage of this planned chaos in the crypto market that the event is set to unleash soon.
Post-Bitcoin Cardano Halves Price
According to CoinCodex, Cardano could lose 6% of its gains to align with the chaos halving after April 20.
“Based on these Cardano projections, ADA will change hands at $0.461670 on April 22, 2024, losing -6.02%.”
However, ADA could recover some of its lost fortune and value after April 2024.
“Cardano can increases by 4.56% and reaches $0.513650 on May 15, 2024. According to our technical indicators, the current sentiment is bearish, while the Fear & Greed Index shows 74 (greed). Cardano recorded 15/30 (50%) green days with price volatility of 8.33% over the last 30 days.
The platform also shared the Cardano resistance price level thresholds, where ADA may encounter maximum resistance and blockages.
Also Read: Cryptocurrency: Top 3 Crypto Coins Expected to Offer the Best Returns After Bitcoin Halving
“Cardano has support levels of $0.443890, $0.419788 and the strongest at $0.403325. Similarly, Cardano’s resistance levels are at $0.484454, $0.500916, and $0.525018.
reference: watcher.guru