Why Cardano (ADA) May Breakout In A Bull Run To $1
July 27 2022 - 6:00PM
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Cardano (ADA) is one of the few digital assets that has managed to
hold its own through the downtrend. The digital asset has garnered
a healthy following of supporters and continues to grow in
conditions where others are struggling. However, Cardano’s price is
down significantly from its all-time high that it attained last
year. Its price has now fallen below $0.5 but is there still hope
to get back to $1? Climbing Back To $1 The price of Cardano (ADA)
has been doing better than expected in the market, but that does
not mean that it is what investors want. The digital asset’s
decline in value has seen its investors in loss emerge as one of
the highest in the space. This is because after reaching its
all-time high of $3.10, it quickly dumped back down. Related
Reading | Ethereum Weekly Exchange Net Flow Points To Growing
Accumulation Trend However, there is a lot of speculation around
the price of the digital asset. For the community, they continue to
hold a strong conviction that the price of the cryptocurrency will
recover, especially in the short time. This is evidenced by the
data collected on Coinmarketcap, where the majority believe that
the digital asset will grow more than 100% in the short term. ADA
trading at $0.46 | Source: ADAUSD on TradingView.com This data was
shown on the ‘Price Estimate’ feature that is available on the
website. Here, ADA investors have revealed that they expect the
asset to grow to more than $0.7 before August is over. On a longer
scale, it is expected that ADA will beat $1 before the year is
over. The Development Of Cardano The development that is being
carried out on the Cardano network remains one of the most
compelling aspects of the blockchain. With such developments,
investors believe that the network will survive and will be able to
move with the ever-changing crypto market. Related Reading
| Bullish Sentiment Spills Over To Institutional Investors As
Ethereum Inflows Balloons The Vasil hard fork is one that has been
on the radar of investors in the space and is scheduled to go live
at the end of July. With the Vasil hard fork will come a lot of new
capabilities for the network, as well as making it easier for
developers to build on Cardano. This expected growth will likely
translate to the price of the digital asset. However, there is not
much support that it will see it run up to $1. The digital asset is
also experiencing significant sell pressure, which will likely pose
a lot of resistance on its way up. Cardano (ADA) is trending low at
the time of this writing, with an average price of $0.46.
Nevertheless, the digital asset remains the 8th largest
cryptocurrency with a market cap of $15.7 billion. Featured image
from Analytics Insight, chart from TradingView.com Follow Best Owie
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