Cardano (ADA) was kicked out of the coveted top 10 list as Tron (TRX) and Toncoin (TON) thrived. ADA currently stands as the 11th largest cryptocurrency, with a market cap of $11.95 billion. Amidst this, the price of the asset also took a major hit.
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Current Market Status And Future Predictions
Unlike its counterparts, ADA barely registered gains over the past month. The altcoin is currently 88% below its all-time high of $3.10. At press time, ADA was trading at a low of $0.3415 following a 2.85% drop over the past 24 hours. The asset has certainly been stagnant for quite some time.
Investor Sentiment And Depression Phase
Acknowledging the same, a prominent analyst, Ali Martinez, said that Cardano investors were entering the depression phase. It isn’t as bearish as it sounds. The analyst links the asset’s current state to one among several emotional phases. Speaking about depression, he noted that extreme pessimism characterizes this stage. This is because many investors give up on the asset’s potential for recovery.
Potential For Recovery And Investment Opportunities
Further noting the bright side, Martinez pointed out that the depression period frequently gives a purchasing opportunity. He suggested that investors keep holding and acquiring ADA instead of selling it now. But will this breakout be enough for it to reach $5?
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Cardano’s Spike Towards $5
Data from Changelly revealed that Cardano will take quite some time to reach $5. The asset will have to witness a massive spike of 1364% from its current price level to reach this mark. According to Changelly, ADA will reach this milestone in the year 2031. The asset will rise to $5.08 in June 2031.
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