Cardano (ADA) could not escape the overall altcoin market decline and lost 7.4% overnight. Analysts believe that the construction of projects like the algorithmic stablecoin “Djed” in collaboration with COTI and ADA has 25 times the price potential. Let’s look at the basis of these expectations, keeping in mind that the estimates are not certain.
Why are analysts expecting 25x despite the recent drop?
One of the strongest Ethereum killers, Cardano has lost steady growth with recent updates as one of the foremost PoS Blockchains. The Cardano network is currently preparing to partner with COTI and ADA for the algorithmic stablecoin Djed. The huge funds in the Cardano treasury can be used to finance these and future projects in the network. (Cardano’s algorithmic stablecoin, named after the “stability” symbol Djed)
Just like Cardano, there is strong selling pressure on other altcoins, but ADA price was able to reach above $0.53 with a recent move. While most cryptocurrencies are recovering from big sales, Cardano founder Charles Hoskinson came to the fore with his optimistic statements. In a recent YouTube post, he says major fixes are routine, creating an environment that triggers a crash. He adds that experienced investors should not be bothered by the sales in the market. We have covered all the details in this article.
Charles Hoskinson believes altcoin transactions will increase 25x by 2022
Supporters are optimistic about the recovery in Cardano price and predict a major breakout for the altcoin this year. Twitter’s mdtrade believes the current outlook on Cardano is not bullish; however, an explosive recovery awaits the altcoin.
Meanwhile, according to on-chain metrics provided by Santiment, Cardano whales sees increasing accumulation. As Kriptokoin.com, we have covered all the details in this article. It looks like the whales are bottom hunting as the Cardano (ADA) price slides back to the $0.40 region. According to Santiment analysts, this accumulation may create an upward momentum on the ADA price.
ADA price is trading at $0.5099 at the time of writing. It has lost 34% since last week and 8.19% in the last 24 hours.
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