Why Cardano (ADA) May Breakout In A Bull Run To $1
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 on Twitter for market insights, updates, and the occasional funny tweet…