Cardano (ADA) recently experienced sharp price fluctuations, dropping to $0.69 before rebounding to stabilize around $0.70. This volatility resulted in a 4.0% daily loss, with weekly and monthly declines of 4.2% and 11.7%, respectively. However, on a year-over-year basis, ADA still holds a 6.9% gain, showcasing its resilience amid market turbulence.

Read Cardano Price Prediction for more detailed insights

Bullish Indicators: Supertrend and RSI Signal Potential Rebound

Crypto analyst Dan Gambardello identified a bullish setup for ADA, highlighting an ascending trendline and a rounded bottom pattern. These indicators often suggest accumulation before an uptrend. Gambardello emphasized that “Cardano’s supertrend is on pace,” indicating potential price growth.

Additionally, the Relative Strength Index (RSI) remains above 50 and is trending upward. If it continues rising toward 80, it could indicate increased buying pressure, further supporting a bullish case for ADA.

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Market Experts Weigh In

Prominent crypto commentator Alex Becker recently stated that ADA could see a fourfold or even fivefold increase. Despite his past skepticism, he now believes ADA is undervalued and that current market conditions resemble previous buy opportunities seen during Bitcoin’s 25% correction and the FTX collapse.

Becker also pointed to Solana, Near, and Bittensor as promising assets, though he did not provide a specific timeline for ADA’s projected growth.

Whale Activity and Market Sentiment

On-chain data from Messari indicates that whales are offloading ADA, with large holders selling approximately 2 million ADA between March 2 and March 9. Historically, whale distribution often precedes price drops, suggesting further downside unless buying pressure returns.

Fundamental Challenges for Cardano

Cardano’s ecosystem faces hurdles, with its total value locked (TVL) at just $360 million—far behind Ethereum’s $48.97 billion and Solana’s $7.06 billion. Moreover, its daily transactions average 66,000, significantly lower than Ethereum’s 1.1 million.

Macroeconomic factors, including Federal Reserve policies and a risk-off environment, have also weighed on ADA. While short-term uncertainty remains, analysts believe ADA’s long-term potential remains strong if it can regain momentum.