While the whole crypto market tumbled down on August 19, Cardano price too had to face the consequences as the currency plunged by 23% from its August 2022 peak.
At the moment, Cardano is still trying to untangle itself from the selling pressure formed last week. Currently, Cardano’s ADA is changing hands at $0.450 after a pullback of 2.68% over the last 24hrs.
During the month of May 2022, just before the crash, Cardano was trading between $0.4 and $0.6 per ADA. Also, it is to be noted that Cardano has bottomed twice at the lowest level in the last 90 days.
The first downfall was in May, the start of the bearish market where Cardano plunged to $0.4 and the second time was mid-July. However, just a few weeks later, ADA regained the bull run and managed to reach an upper target of $0.6 range.
Hence, it’s been observed that whenever Cardano hit a bottom around $0.4, the asset did see a trend reversal and spiked by 50%.
Cardano Price To Drop Below $0.4?
The trend reversal might sound interesting and give a thought for investment now around the $0.4 area, but there are two factors to consider.
The first and foremost factor to consider is the continued delay of the asset’s Vasil hard fork along with FUD-pushed testnet issues. The second reason revolves around technicality as the current $0.44 is not the confirmed local bottom. On the other hand, if there is any further delay in the Vasil hard fork and more bearish control over the crypto market, the ADA price might slide even further than $0.4.
As per the reports, Adam Dean, a developer at Cardano network has revealed that there is an issue in Cardano Node v.1.35.2 and also other nodes. This was found out after knowing 1.35.2 cannot be compatible with the initial chain.
Hence, it’s important to follow any updates around Vasil hard fork and the market sentiments.
Was this writing helpful?
Source: https://coinpedia.org/altcoin/is-this-the-right-time-to-buy-cardano-what-lies-ahead-for-ada-price/