Cardano continues to be undervalued; Are there better days ahead?

Sahana Kiran
Cardano
Source – Unsplash

Cardano [ADA] has been in the crypto market for quite a while now. But only last year, the altcoin manage to witness a massive push in terms of price. Back in September 2021, ADA emerged as the star of the crypto market by surging to an all-time high of $3.10. However, the fervor around this died down just like its price. Despite securing significant gains, the altcoin went downhill following this milestone. However, the latest metrics have brought in some hope for the altcoin.

Currently, Cardano was trading for $0.9005. This is nearly 71 percent below the altcoin’s all-time high. While this high could be difficult to achieve, is likely to push beyond $1. Along with this, Santiment reported that the 30-day market value by realized value [MVRV] level, was a little low. Therefore, it was noted that ADA was undervalued.

As seen in the above chart, the 90-cent zone has acted as prominent support for the altcoin. Time and again, Cardano has garnered a massive push during its stay in this zone. As a result, a possible uptrend could be in the making.

Will things go as planned for Cardano?

While the 90-cent zone looks promising for the altcoin, possible entry of the bears could initiate redirection.

Cardano
Source – TradingView

The one-day price chart of ADA/USD displayed a bearish notion. The Awesome Oscillator indicator formed bold red closing bars indicating the presence of the bears. As a result, a possible drop from the 90-cent zone could push Cardano further down to 70-cent.

Despite increased developments in its market, ADA seemed to be sidelined by several other projects. While its price remains undervalued, the altcoin was overpowered by newer coins like Solana [SOL] and Terra [LUNA]. Currently, Cardano sits as the ninth-largest cryptocurrency. The asset could soon be kicked out of the coveted top 10 if its current notion persists.