๐ Cardano (ADA) Price Faces Final Dip Before Rally to $1.70
Amid the broader market sell-off, Cardano's native cryptocurrency ADA has dropped 5% in the last 24 hours, trading at around $0.58. With a 20% decline over the month, ADA has slipped to the tenth position on the crypto list, underperforming other altcoins.
๐ Potential Price Reversal
Crypto expert Ali Martinez has drawn parallels between Cardano's current price action and a pattern observed from 2018 to 2021. Martinez suggests ADA could consolidate within the $0.55 to $0.80 range in the coming weeks before surging to $1.70. Another consolidation phase may follow, setting the stage for a potential breakout towards $5.
๐ Analyst Predictions
Analyst Chris O expects the crypto market to double in this bull run, reaching heights of $6-$7 trillion. He predicts ADA's price to soar to $6.66 to $7.77, reflecting a bullish outlook on Cardano's performance.
๐ก๏ธ Hoskinson Defends Cardano
Charles Hoskinson, co-founder of Input Output Global Inc., has defended Cardano against criticism, highlighting its scalability, governance, and innovation. Hoskinson's remarks follow Grayscale Investments' removal of ADA from its Crypto Large Cap Fund, a move described as "rebalancing."
๐ Grayscale's Move and Criticism
Grayscale's removal of ADA has raised concerns among critics, who view it as a sign of Cardano's decline. However, Hoskinson remains optimistic, emphasizing Cardano's ongoing development and growth potential despite challenges and market fluctuations.
