Cardano Drops To Its Lowest In Last 7 Days

Cardano 8The tenth The largest cryptocurrency by market capitalization, it traded for $0.38 sometime today, dropping to its lowest level in the last 21 months.

  • ADA just hit an all-time low in 2022 at $0.36
  • Cardano may be on another downtrend until the expected level of $0.25
  • IOG relies on strong fundamentals to make a bullish run.

ADA’s downward slide continues, as its price has fallen further. As of this writing, data from Koenigku It shows that the asset is trading at $0.36.

It is now down 6.9% in the past 24 hours and has lost 14.8% of its value for the past week. This development, however, is no longer news.

Veteran market analyst Peter Brandt tweeted last week that ADA, after selling since completing the Vasil hard fork on the Cardano blockchain in September, will drop all the way to $0.25.

Cardano hits its lowest level in 2022

The situation was already bleak for Cardano when it fell to $0.38 earlier today. But that was shattered when the ADA fell to an all-time low in 2022 at $0.36.

It was unfortunate that the altcoin fell below the short-term wedge pattern, pushing itself into a downtrend. Had it gone up in its pattern, the digital asset might have made a recovery from the crypto slaughter of winter.

Cardano was able to move below the RSI’s oversold territory but the action was only short and the bears encountered resistance as traders appeared to have bought the dip.

There is more bad news for the ADA, as demand is not yet back at a sustainable level, mainly because there are expectations of further downward movement due to the current severe market conditions.

How bumpy is the road to getting an ADA?

The cryptocurrency may be down at the moment and is among the few that managed to hit an all-time low in 2022, but that doesn’t mean the end of the ADA.

Cardano is relying on his strong fundamentals to make a comeback and launch a bullish momentum trend.

According to the weekly development report by Input Output Global (IOG), 1,117 projects are currently being built on the Cardano Blockchain.

Moreover, there is a noticeable increase in new users of dApps built on the “Ethereum killer” network.

In terms of users and value, the IOG said that Cardano’s non-fungible token is also gaining traction. In April of this year, the trading volume of the NFT network was about 27 million dollars.

During an interview in July, Charles Hoskinson, CEO of Input Output Global, said:

One of Cardano’s amazing areas of growth is the NFT space. About 40% of all applications deployed are NFT related… about $270 million per month in NFT volume. So $3 billion a year.”

Crypto total market cap at $852 billion on the daily chart | Featured image from Latest Finance News, 

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

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