Cardano (ADA) Drops 3% Despite Positive Predictions
The cryptocurrency Cardano (ADA) is down 8.15% for the month and 3.05% for the last 24 hours.
It’s not looking good for this coin right now, especially compared to the wider crypto market, as competing instruments like Bitcoin (BTC) and Ethereum (ETH) are gaining today. These are not major gains, but Bitcoin’s 0.3% gain and ETH’s 0.47% increase look really good compared to ADA’s losses.
Just a few days ago, some analysts were predicting that Cardano would be undergoing a major bullish trend and reach $7.92 (ADA/USD), dpesite now sitting at $0.4787. Their logic was that the trends they are seeing from Cardano are similar to what other coins have experienced in the past before a major upswing and astronomic growth.
Cardano is one of the top ranking cryptos, and that public awareness means it has the potential to trend quickly in one way or another. However, its current status is volatile and bearish and has been for much of the year so far.
Will History Repeat Itself?
Back in 2021, Cardano managed to climb as high as $3.10. A repeat of that would greatly boost the coin’s influence, but because it is so much lower than that at the moment, investors will always compare it to that peak. Still, the fact that Cardano was able to achieve that means it has plenty of potential.
Analysts are looking at multiple factors that are in Cardano’s favor and that could push it back up toward that high point. Some of the trends for Cardano look very much like what it went through before its earlier price surges, so we could see a repeat of what it has done historically.
Over the last month, Cardano has moved very little and could be poised to break out very soon. Over the last month, ADA’s volume has risen 52%, which means there is plenty of interest in the coin. It could be that factor that pushes ADA far higher than its current mark and onto the headlines.
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