Cardano (ADA) Price Faces Final Dip Before Rally to $1.70

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During the widespread market decline, the value of Cardano‘s native cryptocurrency, ADA, has experienced some significant selling, leading to a 5% decrease over the last day and a current price of approximately $0.58. Over the past month, ADA‘s price has dropped by 20%, causing it to lag behind in the altcoin market and currently ranking as the tenth cryptocurrency on the list.

Will Cardano (ADA) Price Reverse the Trajectory?

According to a recent examination by cryptocurrency analyst Ali Martinez, the price movement of Cardano (ADA) seems to mirror a pattern observed from 2018 to 2021. If this trend continues, it’s possible that ADA will experience a period of relatively stable prices within the $0.55 to $0.80 range in the next few weeks.

Afterward, Martinez predicts that the price of ADA will rise to around $1.70. If this increase occurs, there may be a pause in the market action, preparing the way for a possible advance toward the $5 level.

Cardano’s situation remains unaltered. The price of $ADA sits comfortably within the $0.55 to $0.80 zone, preparing for an eventual surge towards $1.70.
— Ali (@ali_charts) April 9, 2024

The price of Cardano could drop to around $0.55 for a brief period before continuing its upward trend. This year, Cardano’s slower growth compared to other cryptocurrencies like Dogecoin and Toncoin has caused it to trail behind them.

Previously, analyst Chris O expressed the belief that the crypto market would grow significantly during this bull run, potentially reaching a value between $6 trillion and $7 trillion. Based on this expectation, he predicted that the price of Cardano’s ADA token could rise to a range of $6.66 to $7.77.

Charles Hosking Defends ADA Amid Recent Attacks

Charles Hoskinson, a co-founder of Input Output Global Inc., has spoken up in defense of Cardano, highlighting its unique advantages in terms of scalability, governance, and innovation. He made these comments in a post on social media platform X, where he underscored Cardano’s distinct qualities and the energy of its devoted community.

Hoskinson made his remarks not long after Grayscale, a prominent crypto investment firm, sold off its ADA holdings from its Big Cap Crypto Fund for the purpose of investing in other assets within the fund. Grayscale referred to this transaction as a “rebalancing” step.

Critics interpret Grayscale’s action as a possible indication of Cardano’s weakening position. In the early part of January, a research organization expressed doubts about the significance of use cases for the Cardano network, raising concerns over ADA‘s future possibilities. However, Hoskinson’s statements present a contrasting perspective, emphasizing that Cardano is still progressing and holds potential for advancement.

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2024-04-10 08:32