Cardano(ADA), continuing its crash, surpassed the long-awaited crypto crash prediction of reaching a $0.5 price threshold.
The crypto market analysts have been following ADA for a long time and have been telling the crypto community that the crypto will soon fall to $0.5. But is this the lowest this crypto can fall, or will this continue falling?
During this fall, the price went above $0.5 several times but has since come back down. However, the crypto predictors also predicted that the price will not stay at $0.5 for a long time and will bounce back to around $0.8 soon.
Considering everything that is happening in the ADA ecosystem, it seems reasonable to expect that ADA is currently undervalued, and the price does not reflect the ADA ecosystem’s growth.
Cardano started off strong in March when it went as high as $1.21, but the momentum was reversed in April; some reasons for the fall can be due to many covid-19 cases starting doing rounds in the news from China and the ongoing Ukraine-Russia war.
Cardano also recently increased the block size on the internet, hoping to see some positive effects on its cryptocurrency and increase the speed of transactions. Still, so far, it hasn’t seen any noticeable results.
At the beginning of May, Cardano was the highest tumbled cryptocurrency, falling to around 11.47% to 67 cents among the largest cryptocurrencies.
IntoTheBlock, a crypto asset indicating platform which assists individual investors with the largest and most advanced crypto asset indicators, had recently published a report that shows that before the price fall of Terra, retail wallets had increased their holding in ADA by more than 186% to hold over 36% of the cryptocurrency’s supply collectively. It can be considered a bullish sign for cryptocurrencies.
While many believe Cardano won’t return to its previous price, it will be interesting to see if the cryptocurrency bounces back and lives up to these expectations as well.
