Cardano (ADA) Price Prediction: Correction Pushes the Coin Down by 5.2%

The global cryptocurrency market declined on Thursday as profit-taking reigned. Cardano price was down by 5.2% at the time of writing

The global cryptocurrency market declined on Thursday as profit-taking reigned. Cardano price was down by 5.2% at the time of writing, taking cues from the broader market, including bellwether, Bitcoin, which was down by more than 1%. Despite the correction, there remains an underlying bullish momentum, with the CoinMarketCap Fear and Greed Index at 71 and still reading “Greed”.

Cardano has gained 10% in the last week, but is currently on course to register its second successive loss on the daily chart. The coin was previously rejected at $0.850 after its recent uptrend, and that mark will likely be the key resistance level to beat heading into the weekend.

What’s Moving Cardano Price?

ADA’s trading volume declined by 25% in the 24 hours preceding this writing, underpinning less selling pressure. That will limit Cardano price downside, and could help it stay above the $0.700 near-term support.

Moreover, Bloomberg analysts have shared their latest probability predictions for the approval of various crypto exchange-traded funds (ETFs), placing Cardano at 75%. While this indicates a strong medium-term prospect for ADA price, peers like Litecoin (90%), Solana (90%), and XRP (80%) have a higher chance.

Elsewhere, preparations are underway for Midnight airdrop, also known as the Glacier Drop. The airdrop will distribute Night (Governance) and DUST (Privacy) tokens to 37 million wallets across eight major blockchains, including Bitcoin, Solana, XRP Ledger, Ethereum, and others.

Recipients will have the freedom to hold, trade, or discard the tokens, which could be a decisive factor in influencing Cardano price.

Cardano Price Prediction

Examining the pivots reveals that Cardano price is pivoting at $0.772, indicating a downward momentum. As the price slides, it's expected to encounter the initial support at $0.753.

However, if sellers exert extended control and break through that level, the resulting momentum could propel the price to test $0.740.

Conversely, managing to move above $0.772 will invite buyers to take control. In this scenario, ADA/USD is likely to edge higher and encounter the first resistance at $0.784.

Above that level, the downside narrative will be invalidated, and such momentum might extend to test $0.802.