Santiment predicts that the severe negativity surrounding Cardano (ADA) will shortly result in a sharp rise in the token’s price.
A huge reduction in the price of ADA in 2022—about 70%—has, according to data from a crypto analytics firm, sparked a very negative response from the general public and, as a result, further aggravated the collapse in quotes.
Cardano (ADA) is currently experiencing a level of hostility similar to January 2022. What’s intriguing is that ADA managed to post a big rise of 25% while being oversold at the time by irate investors. The crowd subsequently adopted a very positive attitude regarding Cardano, and the token started to decline once more.
Cardano (ADA) price
The ADA is currently trading at a strong support level, which is the lower limit of the aforementioned price corridor, after falling into the $0.6-$0.42 region in early May.
The last time the $0.4 per ADA level was crossed was in February 2021, so all growth from that point on has been lost. Is now a good moment to expand your ADA token holdings? Perhaps the significant, long-awaited upgrade to the Cardano network, given the statistics from Santiment and the soon-to-be-implemented Vasil hard fork. To prevent your money from falling to zero in the event that the $0.4 level is breached, it is more wise to keep your stop loss close.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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