As an experienced analyst, I have closely monitored Cardano (ADA) and its price action over the years. The erratic price movement this month, with a range from $0.4261 to $0.5089, has been below average compared to some other altcoins in the top 10. However, it’s important to note that Cardano has managed a 2.22% growth in the MTD period, which is a significant deviation considering its previous slumps.
This month, the price of Cardano (ADA) exhibited volatile behavior, reaching a low of $0.4261 and a high of $0.5089. Despite this erratic performance, the cryptocurrency has experienced a modest 2.22% increase in value compared to the beginning of the Month-to-Date (MTD) period, according to Cryptorank’s data.
Historical Cardano Precedence and Current Milestone
According to Cryptorank’s figures, if Cardano finishes trading on Friday with a 2.2% price increase from its current value of $0.452, it would mark a significant turnaround after two consecutive years of decline. Cardano closed May 2022 at a 17.5% decrease from its price at that time, and this loss was further exacerbated by the additional 5.6% drop in 2023. The recent surge of 2% in value represents a notable departure from this downtrend.
The market hasn’t fully factored in this issue yet, but the events of June are cause for significant caution based on past trends. According to Cryptorank statistics, Cardano has had historically poor performance in the month of June. From 2018 up until now, ADA has only managed to finish with a positive return in that month once – when it surged by 11.9% in 2020.
In June 2018, the coin experienced a significant decrease of 38.5%. Additionally, it dropped by more than 7.4% in the year 2019. Following the bearish market interruption in June 2020, ADA continued to decline with a 23.1% drop in 2021. The digital currency saw further decreases of 26.4% in June 2022 and 23.4% in the year 2023.
Since 2018, Cardano has experienced a noticeable transformation with several significant advancements. One of these developments is the integration of smart contracts, which has contributed to building its Decentralized Finance (DeFi) system. According to DeFiLlama, the current TVL in the Cardano DeFi sector amounts to $319.98 million. While this development is a noteworthy achievement, it hasn’t yet significantly impacted the price rise when compared to other projects in the same domain.
The Hopes for Recovery
As a crypto investor in Cardano, I’ve noticed the downward trend for the month of June and how it’s affecting our investments. To turn things around and regain momentum, we might need some drastic changes. Top market analyst Alexander Legolas hinted at this possibility during his recent analysis on X.
As an analyst, I’ve observed that when $ADA experienced a Stochastic RSI crossover on its weekly chart in the past, it led to a significant price increase. Specifically, there was a 72% surge from $0.47c to $0.81c.
As a crypto investor, I recall an earlier occasion when the weekly Stochastic RSI indicators for Cardano (ADA) crossed paths. During that time, the price of ADA surged by an impressive 184%, jumping from $0.24c to $0.68c. I invite you to examine the charts below for a clearer understanding of this significant price movement.
Moral to the lesson is we need a weekly…
— Alexander Legolas (@ShillMoBaggins) May 31, 2024
Based on Legolas’ analysis, the price of Cardano (ADA) could potentially experience significant growth if it exhibits a Stochastic RSI cross on its weekly chart. This occurrence previously led to a price increase from $0.47 to $0.81, which represents a substantial 72% rise. Another instance of this pattern resulted in a price drop from $0.24 to $0.68, indicating a dramatic 184% decrease.
As a crypto investor, I’m keeping a close eye on the analysis suggesting that the Stochastic cross for Cardano (ADA) could occur soon. Given that ADA has been oversold for the past 49 days, this is an intriguing development. In the meantime, Charles Hoskinson, the founder of Cardano, remains committed to driving innovation and enhancing the utility of ADA.
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2024-05-31 17:53