Cardano failed to remain immune to the bearish moves in the overall crypto market, with its price falling by nearly 10% on Wednesday amid a pullback in Bitcoin prices. Traders suddenly grew increasingly concerned about the lack of regulations in the crypto space, which drove a major sell-off impacting most of the digital currencies, including in ADA/USD.

At the time of writing, ADA is trading around 1.19, holding somewhat steady on Thursday. However, it’s only a matter of time before bulls return and push Cardano’s prices higher, as we had previously forecast. ADA’s price is expected to climb higher in the near term on the back of solid fundamentals.

Leading crypto analyst and influencer, Ben Armstrong, has forecast that Cardano’s prices are set to continue their upward climb through the coming six months, rising all the way up to $8 by October. Armstrong forecasts considerable interest within the market to try and overtake the $10 level, but traders could resort to profit-taking by the time the price touches $8-$9 and make it harder to cross this level.

With the Goguen phase of its development nearing an end, the Cardano blockchain has become completely decentralized and looks all set to support upcoming projects looking to launch on the network. It is widely expected that the team behind this Ethereum killer could move faster in developing its capabilities to take on the second most popular cryptocurrency and turn into a strong contender in the DeFi space soon.

While the fundamentals anticipate more room for growth in ADA in the medium term, the immediate movement of the price could see a breakout to either side. A break below support at 1.15 could send the price lower towards 1.13 and possibly even 1.10, while on the other hand, a move higher would require buyers to take out resistance at 1.22 and then at 1.24 before it can test the 1.30 level.