ADA, Cardano's cryptocurrency, has experienced a significant depreciation within the overall market downtrend, dropping over 5% in the last 24 hours and trading below $0.60. ADA, which has experienced a total decrease of over 20% in the last 30 days, fell to the 10th place in the list of the largest cryptocurrencies with these losses. However, some analysts predict that ADA could rise to $5 or even $8 in the future.
Analysis and Predictions
Cryptocurrency analyst Ali Martinez states that there are similarities between ADA's past pattern and its current movements, and if this pattern continues, there may be a consolidation between $0.55 and $0.80 in the short term. Martinez also notes that ADA could rise to $1.70 and then above $5 in the long term. Another analyst, Chris, predicts that the price of ADA may rise to the range of $6.66 and $7.77, in line with the general optimism in the market.
Defense of Cardano's Founder
Charles Hoskinson, founder of Input Output Global, the company behind Cardano, responded to criticism of the platform and talked about Cardano's scalability, governance and innovative features. He also explained Grayscale Investments' decision to remove ADA from its portfolio as a rebalancing strategy and countered critics who interpreted this as Cardano's collapse.
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