Cardano (ADA) Price Prediction for February 22

The post Cardano (ADA) Price Prediction for February 22 appeared first on Coinpedia Fintech News

Despite notable price drops across the cryptocurrency market, Cardano (ADA) has held steady above the crucial $0.74 support level. Additionally, ADA’s four-hour chart appears to be mirroring XRP’s, which looks bullish.

Current Price Momentum 

Currently, ADA is trading near $0.77 and has dropped 3.25% in the past 24 hours. However, during the same period, its trading volume surged by 45%, indicating heightened participation from traders and investors.

Cardano (ADA) Bullish and Bearish Levels

Despite market fluctuations, the $0.74 level will play a crucial role today. Based on recent price momentum, this level will determine whether ADA sinks or gains upward momentum.

Source: Trading View

On the positive side, if ADA holds this level, there is a strong possibility it could soar 10% to reach $0.85 in the coming hours. Additionally, if the bullish rally continues, it could gain another 20% to reach $1.01 in the coming days.

On the bearish side, if ADA fails to hold the $0.74 level and closes a four-hour candle below it, there is a strong possibility of a 10% drop to $0.65.

Besides this smaller price range, expert technical analysis suggests that ADA has been forming an ascending triangle pattern, similar to XRP, on the four-hour timeframe.

$1.45 Million Worth of ADA Inflow

Looking at the recent price momentum and Bybit’s $1.4 million crypto hack, investors and long-term holders have been cashing out their holdings, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow reveals that exchanges have seen an inflow of $1.45 million worth of ADA tokens in the past 24 hours, indicating a potential sell-off.

Source: Coinglass

In a bearish market sentiment, even a small inflow or sell-off can impact overall sentiment, increasing selling pressure and causing a further price drop.