Cardano is 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 might be in a bearish trend all the way to forecast $0.25 mark
- To have a bullish rally, IOG relies on solid fundamentals.
ADA continues to slide as its value fell further. Data from CoingeckoThis shows that the asset is currently trading at $0.36
The stock is down 6.9% in the last 24 hours, and it has lost 14.8% over the week. This is however not news.
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 fell to $0.38 just earlier today. However, that all changed when ADA plunged to $0.36 in 2022.
The altcoin’s short-term wedge pattern fell below it, which was tragic and led to a bearish trend. 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.
What will the road look like 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 (IOG) released a weekly update that shows 1,117 current projects using 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 users and value. In April this year, the network’s NFT trading volume was around $27 million.
Input Output Global CEO Charles Hoskinson stated:
“Cardano has seen remarkable growth in its NFT industry. 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.”
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.