Cardano the 8Th largest cryptocurrency in terms of market capitalization, traded for $0.38 at one point today to drop to the lowest it’s been for the past 21 months.
- ADA has just reached its all-time lowest point of $0.36 in 2022
- Cardano could be going through a bearish phase all the way up to $0.25.
- IOG continues to rely on its strong fundamentals for a bullish rally.
ADA continues to slide as its value fell further. Data from CoingeckoThe asset trades at $0.36
The stock is down 6.9% in the past 24 hours, and it has lost 14.8% over the week. However, this development is not new.
Peter Brandt, a market analyst and veteran, said last week that ADA will fall to $0.25 following a sell-off since September’s Vasil hardfork.
Cardano Hits A 2022 All-Time Low
Cardano’s situation looked already dire when it plummeted to $0.38 just earlier today. However, that all changed when ADA plunged to $0.36 in 2022.
Unfortunately, the altcoin plunged below its wedge pattern in short term. This led to a bearish move. The digital asset could have recovered from the death of crypto winter if it had moved higher in its current pattern.
Cardano managed to trade below the RSI oversold area, but this action was brief. Bears faced resistance because traders seemed to have purchased the dip.
There’s more bad news for ADA, as demand is not yet back to a sustainable level, primarily because there are expectations of more downward movement due to the current harsh market conditions.
How bumpy will it get for ADA
The cryptocurrency might be down right now and is among the few ones who have managed to attain a record 2022 all-time low, but that doesn’t mean the end for the ADA.
Cardano will be relying on its solid fundamentals in order to make a comeback.
Input Output Global’s weekly report shows that 1,117 projects currently use the Cardano Blockchain.
Moreover, there is an observed remarkable increase in new users of decentralized apps (dApps) that are built on the network of the “Ethereum killer.”
IOG reported that Cardano’s token, which is non-fungible, has been gaining more popularity in terms both of its value and the number of people who use it. In April this year, the network’s NFT trading volume was around $27 million.
Input Output Global CEO Charles Hoskinson spoke out during a July interview.
“Cardano’s NFT sector is a surprising growth area. About 40% of all the applications that are being deployed are NFT-related… About $270 million a month in NFT volume. So, $3 billion a year.”
Crypto market capital at $852 Billion on daily chart. Featured Image from Latest Finance News.| Featured image from Latest Finance News, Source: TradingView.com Disclaimer: The author's analysis should not be taken as investment advice.