Is Cardano dead? I know you guys must have encountered this question from all the investors who have put some of their capital in Cardano (ADA). In fact, if you have some of your capital invested in this cryptocurrency, then you would be having the same question as well.
The year 2022 was supposed to be supporting Cardano as one of the major cryptocurrencies is awaiting some significant upgrades this year. However, Cardano has not shown any significant movement in the recent trading sessions.
Though the cryptocurrency did surge when the entire market was down, the bears shortly came into action and pulled the price of ADA down. There were some major global factors that contributed to the loss of around $1 trillion of the entire crypto market capitalization.
The Federal Reserve shared some announcements related to monetary tightening which in accordance with the beliefs of crypto investors will question the entire existence and requirement of cryptocurrencies. In addition to this, the latest addition to the variants of the COVID-19 virus, Omicron, was also a key player in drifting the market down.
Talking About Cardano’s Future
As far as what we can see happening with Cardano in the market is, it only has sellers and bears on its side, while the investors are neither in condition to withdraw their money, nor do they have enough capital to lower the cost average of their investments.
It has been long since Cardano was changing hands at its all-time high, which was around $3, since then, it has been diving deeper and deeper. Moreover, more and more ADA investors are shifting their capital to other projects that have similar or greater potential than ADA.
As per the experts, the bulls will be returning to Cardano when its price will be touching $0.69 and near levels, as this has been the historical support level of Cardano’s price. Most recently, SUNDAESWAP was launched on Cardano, which encountered some congestions after its release and those were reported by the users on Twitter.
Well, the next bull run in the market might be a deciding factor that will give us some idea of where is the price of ADA headed this year.