The beginning of March was a mixed bag for Caldano (ADA), but for the most part, the token has been trading sideways. With more and more short-side pressure starting to build, ADA is staring at the possibility of hitting an all-time low in the near term. Here are some notable highlights.
- Caldano (ADA) breaks out of key $0.8 support level
- At press time, the token was trading at $0.79, up about 1% on the day.
- More weakness will follow, with the ADA likely to fall below $0.7, the lowest level of the year.
Data source: Tradingview
Caldano (ADA) – Price Analysis and Forecast
After spending most of March trading sideways, Caldano (ADA) does not appear to have any further bullish momentum to rise. The token has managed to hold support at $0.80 for the past week or so, but has now broken below that level. At the time of writing, ADA was trading at $0.79.
We expect to see more weakness. In fact, looking at today's daily price action, the ADA is once again consolidating sideways, up just 1%. The token is likely to fall to $0.7 or lower. This could push ADA to its lowest level this year.
The fall from grace could not be more shocking. At the end of January, ADA tested $1.64, which seemed like a nice upward trajectory. But as of now, the token's value has fallen more than 50% from those highs.
Is Caldano (ADA) worth buying
Despite the ups and downs, ADA remains one of the major cryptocurrency assets in the market. There is no doubt that the long-term fundamentals will remain positive.
However, if you want to get ADA at a cheap price, it's best to wait a few weeks. Once the token drops below $0.70, you can swoop in, buy and hold for about a year.