Cardano (ADA) has down 0.5% in the last 24 hours to $0.264293, following a dismal weekend for the cryptocurrency market as a whole. The continued market gloom has caused its price to decrease by 14% in the past week and by 19% over the past 30 days, which has led to a global financial market downturn.
Holders of ADA may be expecting that the altcoin has bottomed out and is due for a recovery shortly in light of these losses, especially given its fundamentals and continuous development. Some analysts, however, believe that the cryptocurrency still has more losses in store until it ends the decline it has been experiencing for the majority of 2022.
Today’s Cardano Price
| DATE | ADA | USD |
|---|---|---|
| Today | 01 | 0.258729 |
Cardano Price Prediction
Observers could be excused for coming to the conclusion that ADA has truly reached a bottom if they only considered its technical signs. In particular, its relative strength indicator (purple) has just dropped below 40, indicating an oversold condition compared to earlier movements this year.
Similar to how ADA’s 30-day moving average (red) has consistently been lower than its 200-day moving average (blue) during the entire year of 2022, indicating that a more positive correction is eventually expected.
However, there are differing views on whether ADA’s suffering is over. There is a possibility of more declines for some experts outside of its community, both in the short and long terms.
Value investor who claims to be one Mike Alfred is still firmly pessimistic on ADA and just reiterated his forecast that it will eventually drop to well under $0.06 or $0.05.
However, members of the Cardano ecosystem and community continue to believe that ADA’s fundamentals will eventually support price growth, especially when the market returns to more positive conditions.
There may be some validity to this assertion given that Cardano has experienced consistent growth and a number of upgrades throughout the bad market of 2022. More than 1,100 apps and projects are currently being developed in its ecosystem, in addition to more than 100 projects that have already been released.
A fascinating finding from GitHub is that, in terms of commits and changes, Cardano tends to be the layer-one blockchain with the highest daily development activity.
Once more, this supports the idea that Cardano is expanding more quickly than its competitors and that ADA is now being undervalued. It’s odd because, while being discounted, it ranks as the ninth-largest coin in the market by market capitalization.
Despite having only $51 million in total value locked in, or 2% of Ethereum’s TVL, it has managed to attain this position. This implies that ADA may be in for significant gains, especially if Cardano is successful in attracting organic growth.
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