Обновлено 31 October
Cardano Currently Trading at $0.356 with 12% Monthly Loss
The Cardano market (ADA) is currently facing challenges, trading at $0.356, reflecting a 12% decline from last month. Although ADA gained 2.2% today, its performance lags behind newer cryptocurrencies.
Historical Trends Show Potential for Growth
Crypto expert Ali Martinez suggests that Cardano may follow a pattern similar to its significant growth in 2020, when it rose nearly 4,000% to reach $3.10. He predicts a potential price increase starting around November 18, 2024, two weeks after the US elections.
I believe #Cardano $ADA is following a similar pattern to 2020... pic.twitter.com/GgKWBqzYXU
— Ali (@ali_charts) October 29, 2024
Martinez notes that ADA has spent 455 days within a range since its last peak and could potentially reach $6.50 by September 2025, representing a 2,288% increase.
Current ADA market cap stands at $12.4 billion. Chart: TradingView.com
On-Chain Activity Raises Concerns
According to IntoTheBlock, Cardano's Network Value to Transactions (NVT) ratio has reached its highest level since June, indicating reduced on-chain activity relative to price increases. This trend often precedes price corrections, suggesting ADA may struggle to maintain upward momentum without increased on-chain engagement.
Cardano’s NVT ratio has surged to its highest level since June... suggesting the potential for further downside.
— IntoTheBlock (@intotheblock) October 29, 2024
Despite these concerns, some analysts forecast a 130% growth for Cardano over the next three months and a 140% increase over the next year, indicating short-term challenges but long-term recovery potential.
The Road to Recovery for Cardano
Cardano faces difficulties as investors closely watch its price trends. Some view this period as an opportunity to enter the market before potential gains. Analysts like Ali Martinez remain optimistic, urging ADA to solidify its position in the evolving crypto landscape.
Featured image from CoinFlip.tech, chart from TradingView