Cardano (ADA) Price Prediction: Will the Bloodbath Continue as the SEC ETF Decision Looms?

The decision on a Cardano [ADA] spot ETF was looming. The deadline for the decision is the 27th of March. Recently, a spate of Cardano whale token

A decision on a Cardano (ADA) spot ETF is expected soon, with the 27th of March being the deadline. Meanwhile, large movements of Cardano whale tokens have raised questions on whether this is accumulation before the decision or distribution of assets.

A glance at the price charts offers some insights into the market sentiment. Currently, ADA is experiencing a rapid price decline, indicating a potential downtrend toward the $0.6 price level in the coming weeks.

The volume profile suggests that the $0.9 and $0.74 price levels could be significant.

ADA’s swing structure appears bearish. A rally in November pushed the token past the 2024 highs. However, since then, the token has made lower highs and lower lows.

The recent low was $0.845, and the lower high was $1.13 in January, followed by a sharp price drop, shifting the swing structure bearishly.

The Fixed Range Volume Profile from last February highlights three high-volume nodes at $0.74, $0.59, and $0.45. Additionally, the Value Area high is at $0.876, which has served as support for Cardano in recent months.

A rapid price bounce from the $0.68 price level showed some bullishness in the lower timeframes, especially as ADA moved past the high-volume node at $0.74.

The Awesome Oscillator indicates bearish momentum, though it has weakened over the past week after the quick price bounce.

Together with the bearish structure, this suggests that the price bounce could extend toward $0.87-$0.90 before resuming the downtrend.

To halt this downtrend, Cardano bulls need to stop the formation of lower lows. This would be achieved once a range is formed, but at press time, this has not occurred.

Hence, the Cardano price prediction for the coming months is a continued downtrend. There’s a chance of a range formation between the $0.68-$0.81 levels, but this could take a week or two to materialize.