Cardano Price Down 80% From All-Time High: Opportunity to BUY ADA?
Due to the ongoing bear market, the value of Cardano has been unable to sustain its previous high levels in recent months. Currently, we are experiencing a significant correction phase. Nevertheless, there...
Due to the ongoing bear market, the value of Cardano has been unable to sustain its previous high levels in recent months. Currently, we are experiencing a significant correction phase. Nevertheless, there has been a minor rebound in Cardano’s performance over the past few weeks. Why is Cardano price down? Is there a possibility that investors in Cardano may witness profitable returns in the coming months?
Why is Cardano Price DOWN?
The Cardano price experienced an extremely strong increase in the second half of 2021. In August and early September, ADA went from $1.40 to over $3. In the first half of the year, the price rose from a few cents to over 1 dollar.
Within this time, most investors bought Cardano’s ADA token. According to a report by Into the Block, 80% of the investors who bought the ADA token are at a loss at the current price of $0.37.
Big hype phases always bring new investors to a token. The trick is not to let medium-term price drops make you nervous and to sell at a loss.
What is the probability that the Cardano price will rise to a profit margin?
In January and early February, the Cardano (ADA) price was able to rise from a low to higher prices. At the turn of the year, the ADA rate was still 0.24 US dollars. In mid-February, the Cardano price rose to over $0.41. This was still a loss of over 80% from the all-time high, but it did put some investors back in profit.
With the FTX crash and drop to $0.20 in November 2022, the bottom for the Cardano bear market was very likely reached. Therefore, we basically see a rather bullish development in the last 6 months. After February, however, we see a stop to the strong bull run and rather different price movements.
Based on the chart, a formation with 2 peaks can be seen in the last few weeks, of which the second price peak was above $0.45. This symbolizes a flat formation that could theoretically be a bearish sign. However, if the current decline sees a quick recovery, we could see a bullish break above $0.50. In the pessimistic scenario, the Cardano price could fall again to $0.29. However, the slight price increase of the last few days makes a bullish scenario more likely.
When will Cardano Price rise again?
Despite a possible bearish formation, the Cardano price could rise above $0.50 in the medium and long term, which would bring many investors back into profit. The majority of investors who bought the ADA token in the second half of 2021 will probably have to wait until the next bull market after Bitcoin Halving 2024 .
After the halving, the crypto market should transition back into a strong bull market. At the top, a Cardano price of $10 seems possible, which should ultimately bring investors back into the profit zone in the last bull market. But until then we will have to wait until 2025.
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