Cardano's native token ADA is still considered a promising investment by analysts. However, despite this positive outlook, the price of ADA has been consistently dropping and has even fallen below several key support levels.
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ADA analysts bullish, price tanks - why? Analyst Goes Deep On Cardano
ADA analysts bullish, price tanks - why? During an interview with Altcoin Daily, Hashoshi, a crypto analyst, expressed his optimistic views on the Cardano network. He praised the network's design decisions as some of the best in the industry and commended the development rate of protocols on the blockchain. Despite some people's skepticism, Hashoshi believes that Cardano is in a favorable position to make a comeback if the conditions are right.
Regarding the price of ADA, Hashoshi states that with liquidity returning to the crypto market, the digital asset's price could surpass its previous all-time high of $3.10. He also notes that the Cardano community remains strong and could potentially drive the price above the previous high.
Kara Szabo, another analyst, has also expressed her bullish outlook on ADA's price, predicting that it could reach $5. She even invested $20,000 in ADA at the beginning of September, indicating her confidence in the altcoin's performance. Szabo believes that a price of $5 would be a 20x increase from the current price, making it one of the best plays in the crypto market for a large market cap altcoin.
Here is my in-depth #Cardano $ada price prediction for the upcoming bull market. This very well may be the best performing large market cap that investors are sleeping on: ✅ Ada has a max supply of 45,000,000,000 tokens with approximately 35,045,020,830 of those tokens in… pic.twitter.com/k4Hs89q1lG — Kara Szabo (@kararesurrect) September 9, 2023
But Why Is ADA Price Falling?
The ADA price has been struggling in the market despite the bullish sentiment surrounding the digital asset. This decline can be attributed to a significant amount of ADA being unstaked from smart contracts, causing the total staked ADA to slide downward. According to DeFi tracker DeFiLlama, the total tokens staked on the Cardano network dropped from above 777 million on September 2 to 733 million on September 11. As a result, over 43 million ADA were unstaked and likely sold on the open market by the holders.
ADA's value may continue to decrease due to the large amount being sold in a period of low liquidity, particularly if more ADA is unstaked to be sold in the open market. Nevertheless, ADA's long-term outlook is optimistic since the Cardano network is one of the most active networks in terms of development. As more developers join the network, investors are expected to follow. Currently, ADA is struggling at $0.24, which is down 2.33% in the last day and 5.10% in the last week.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.