ADA bears are in check on Wednesday, with the cryptocurrency trading around 2,5% on the day near €0,31 per token level, seeing losses from Monday's peak near €0,33 a about 6,0%. Price predictions have turned less bullish this week. ADA, which is the token that powers the Cardano blockchain, is now just over 5,0% above the yearly lows it recorded in November, just under €0,30.
Price prediction: is this trend channel ADA compliant?
Some technicians believe that ADA may find support in a short-term uptrend channel that has been trading for the past few weeks. If the cryptocurrency can rally, perhaps catalyzed by macro optimism if upcoming US inflation data surprises on the downside again, then it could look to rally towards monthly highs in the €0.33 area.