The price of the popular altcoin Cardano (ADA), according to many experts, indicates that there are not many willing buyers. Meanwhile, an analyst pointed out the possibility of a long position in the coin.
Analyst explains his expectations at Cardano
Currently, Cardano is changing hands at $0.365, up 0.3% in the last 24 hours. It fell another 12 percent over the previous week, hitting the lowest levels seen last month on the wick of May’s monthly red candle. In his technical analysis, cryptocurrency trader Livercoin pointed out that ADA’s retracement to levels last seen in May offers a possible chance for long positions if Cardano is able to regain lost territory. He warned investors against “catching a falling knife”. Livercoin used the following statements:
ADA just cleared May bottoms. I think an interesting long position will be opened if the red zone is retracted. There’s no reason to catch the coin at this point, it’s just a pattern to watch out for to add to your watchlist.
The anticipated advantages that the Vasil hard fork will bring to the network have yet to materialize. However, these are more likely to happen in the long term rather than the near term. For example, the amount of Cardano staked has dropped to an 8-month low despite Vasil’s upgrade. Specifically, Cardano’s unlocked total value dropped 76.49 percent from its peak of $326 million on March 24, 2022. That is, it fell to $76.66 million. The latest values resulted in ADA’s stake returning to levels last seen in January 2022.
Altcoin community predicts 36 percent rise
Moreover, the TVL of the Cardano ecosystem has continued to pull back in the last 7 days. According to CardanoDaily, that number is currently $69.91 million as of October 11. Still, Cardano has been adding more than 100 smart contracts in the 2 weeks since the Vasil hard fork upgrade. Meanwhile, it continues to add new addresses to its network – reaching 3.6 million wallets. Finally, the crypto community on CoinMarketCap remains bullish on Cardano price until the end of October. Member votes estimated that ADA would trade at $0.5873, which is 36 percent more.
Currently, ADA is changing hands at $0.365, up 0.2 percent, as we have also reported as Kriptokoin.com. The cryptocurrency, which is in third place with a market capitalization of $ 12.3 billion, has shown a serious decline in the last 7 days. The coin lost 13.3% of its value. It enters the next week with a slight acceleration. Time will tell what will happen in the long run.
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