Cardano (ADA) remains one of the largest cryptocurrencies by market cap, but the digital asset’s decline from its all-time high back in 2021 has left in its wake a lot of bearish sentiment. These sentiments don’t seem to have changed despite the many recoveries recorded by digital asset. The digital asset is still not viewed favorably by investors, who don’t anticipate any substantial growth.
Investors Call for ADA in September at $0.6
The “Price Estimates” feature that was introduced by Coinmarketcap allows investors to be able to enter their price predictions for a cryptocurrency and the tool then takes an average of these predictions. ADA has been one of the most popular cryptocurrencies to receive this estimate. It received more than 14,000 in September alone. Even so, it has not had any effect on the anticipated movement of the asset during the month.
According to the average estimate, investors anticipate that the price for the digital asset will reach $0.61 before September ends. This sentiment continues for six more months. The situation gets much worse over time.
Cardano at $0.5| Source: ADAUSD on TradingView.com
For the longer term, investors expect the digital asset’s price to drop further from where it currently is, with an average estimate of $0.49 by the end of the year 2022. This indicates that the sentiment towards the digital asset is stronger for shorter term.
Cardano May Change Direction
The Coinmarketcap price estimates might show bearish sentiment but that does not necessarily indicate the direction of the market. It is important to remember that major upgrades have positive impact on cryptocurrency prices. The Vasil hard fork is less than one week away so there could be a change in sentiment.
One good example of this is the current price movement of Ethereum in advance of the Merge. According to the countdown the movement to the proofof stake mechanism will take less than three days, and the price for Ethereum has already broken $1700 again.
This could be the case for ADA. The digital asset may see a greater positive trend going forward. After the Ethereum Merge is complete, investors will shift their attention to the Vasil hardfork. It is difficult to know how much the Ethereum Merge upgrade will impact the price of ADA. This is because there is a tendency to make it overshadowed.
Featured image by Zipmex. Chart from TradingView.com