As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market corrections and rallies. The current state of Cardano (ADA) seems to be no exception, as it has experienced a significant correction in the past few weeks compared to other cryptocurrencies.
In contrast to many other digital currencies, the price of Cardano has experienced significant declines over the last few weeks. Lately, ADA has seen a new fall below the $0.3550 mark and is now approximately 15% lower than it was 30 days ago.
Poor performance of ADA has left numerous holders grappling with accumulating, unrealized losses as the price remains weak. Consequently, it’s understandable that many are choosing to sell in an attempt to minimize their losses. This selling pressure might further drive down the ADA price, at least temporarily.
Analyst Says Cardano Price Is Already 80 To 90% Into Correction
For long-term ADA holders, navigating the recent price fluctuations has proven challenging, given ADA’s underperformance. However, an analyst on TradingView suggests that maintaining their hold could be the best strategy moving forward. This recommendation stems from the belief that the current drop in ADA’s price has already progressed significantly, and it’s likely that 80 to 90% of the correction for this pair is already complete.
Regarding Cardano, it’s worth noting that its price is approximately 56% lower than its projected 2024 peak of $0.7742, despite the overall market uptrend observed in September and October. As per crypto analyst Alan Santana on TradingView, ADA seems to be holding steady at prices similar to those seen in November 2023, demonstrating a lack of significant upward momentum.
Compared to other major cryptocurrencies such as Bitcoin, Solana, and BNB, many of them are currently trending towards revisiting their highest points from 2024 that were initially reached in the first three months of the year.
It’s worth noting that there could potentially be a decrease in Cardano’s value over the next few months, particularly if Bitcoin experiences a significant correction. Nevertheless, analyst Alan Santana suggests that Cardano has almost completed its corrections, implying that any potential drop in the price of ADA wouldn’t be severe and would likely last only a few days or at most a couple of weeks.
Sustained Long-Term Growth For ADA
Based on Santana’s perspective, it might not be wise to sell ADA at this moment, particularly for those who have been holding it through its corrections. This is due to the fact that ADA’s prices are currently quite low, and it’s now in the phase of accumulation. Therefore, a sensible approach would be to consider the long term and wait until the next bull market reaches its full momentum before making any moves.
According to Santana’s estimation, there might be a minor decrease in the value of ADA beforehand, but this is expected to be followed by a steady improvement from November 2024 to February 2025. The real surge seems to be building up by March 2025, with expectations of a bullish trend that could potentially push the price of ADA above $0.70. This forecast represents an increase of approximately 130% from its current value.
Currently, ADA is being traded at approximately $0.3371, marking a rise of around 1.25% over the last 24-hour period.
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2024-10-28 21:04