Cardano [ADA] price prediction – 8% rally next, but here’s why you should be careful!

• Cardano’s weekly chart has been bearish, with on-chain metrics highlighting dwindling activity. And yet, the momentum shift on the 1-day timeframe could see the token rally to the $0.68 supply zone.

Cardano [ADA] has been slowly trending higher on the price charts. Since the low made at $0.536 towards the beginning of July, the altcoin has gained by 17% on the charts, trading at $0.626 at the time of writing.

However, bulls shouldn’t celebrate too early.

In fact, evidence for this came from the series of lower highs and lower lows ADA has formed since December.

And yet, investors can remain hopeful of a recovery so long as the 78.6% level remains a support. If it is flipped to resistance on the weekly charts, the price could fall by another 30%-40%.