Cardano experienced heavy sell-offs for close to two months which in return stunted the crypto’s growth in the indices. ADA barely saw price movements this year and traded mostly on the backfoot testing the patience of its investors. However, Cardano is in the green today along with the entire crypto market giving hope that things are on the right track.
Santiment, the on-chain metric provider shared an analytical post suggesting Cardano’s selling pressure is now retreating. They shared a chart showcasing that investor sentiments are now turning ‘Euphoric’ towards Cardano.
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Also, positive sentiments for Cardano in the market is now at its 6-month high making it stand at a turning point in price. Since the last 30-trading days, ADA is also up +9% and is slowly yet steadily showing signs of a recovery.
The development came as a breath of fresh air as investors now expect ADA to breakout in price and reach new levels. The 9th most popular crypto in the world is hovering over the $0.95 mark and struggling to breach the $1 barrier. If the market remains steady this entire week, ADA has a high possibility to cross $1 and go further.
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“Cardano has enjoyed a modest +6% price rise in the past 24 hours. And traders have been itching for the 9th market cap ranked asset to break out. Crowd sentiment toward ADA currently sits at the most positive levels since mid-November,” tweeted Santiment.
We will have to wait and watch if the market’s uptrend can sustain this week to chalk out ADA’s path. Cardano goes in tandem with Bitcoin’s performance, and if BTC slips below the $40,000 mark again, ADA will find it hard to claw back to its present levels of $0.95 and take months to reach $1.5.
Cardano (ADA): The Path Ahead
Investors are divided over Cardano’s future price prospects due to its string of non-performance in the indices. Some believe its price to be at the cusp of something big, while others claim ADA’s days are over.
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Also, day-traders have stayed away from Cardano due to its non-volatility, as it trades in razor thing margin leaving no room to make profits.
Nonetheless, ADA might have a tough time before reaching the top and investors need to be wary of the situation. At press time, Cardano was trading at $0.96 and is up +3.5% in the 24-hours day trade.