Cardano’s ADA token experienced a significant rally, surging 22% over two weeks before stalling on August 26 during a broader market pullback. The asset briefly reached a three-month high above $0.25 but currently trades around $0.21, a 6% daily decline, though it remains among the top 20 cryptocurrencies. Analysts are divided on the next move. SBlockSpy noted sellers are active, predicting a potential drop to $0.164 if the decline continues. Conversely, CW opined that “the long downtrend is over.” Others, like Lucky, call ADA a ‘hot pick’ targeting $0.50.
Cardano’s native token has been on a tear over the past several days, but its rally stalled today (August 26) as the broader market pulled back a bit. ADA has soared by 22% over the past two weeks, following the market’s revival prompted by the monetary changes announced by the US Treasury Department, among other factors.
At one point, the asset rocketed to a three-month high above $0.25, but the past 24 hours have delivered a correction. As of press time, ADA trades at around $0.21, representing a 6% decline on a daily scale and is among the biggest losers within that timeframe.
X user SBlockSpy noted that the token got rejected around $0.22 and is closely monitoring the pullback. They claimed that the move shows sellers are active and predicted a deeper downtrend to as low as $0.164 if the dump continues.
At the same time, the analyst believes that if buyers step up here, they might trigger an initial surge to $0.24, then $0.30. Rand Group also recently chipped in, highlighting ADA’s strong breakout, claiming it has breached the main downtrend resistance.
However, they remain uninterested in the asset until it consolidates above the $0.25 resistance. More Crypto Online cast doubt on whether a certain “B-wave” pullback has begun, adding that as long as ADA holds above $0.157, the upside momentum remains and could push the price to the $0.314-$0.404 range.
Lucky told their nearly two million followers that ADA is among their “hot picks,” envisioning a short-term ascent to almost $0.50. CW is another optimist, opining that ADA has broken through a major resistance line and transitioned into a bullish trend.
“The long downtrend is over. The real bull market has begun,” they added. Despite the retreat, ADA still ranks among the 20 largest cryptocurrencies.
