It seems that the crypto winter is not over yet. Every time cryptos try to rebound higher, another bad news surfaces in the crypto community, plunging prices further lower. In a previous article, we warned our readers not to buy Cardano, as we expected prices to sink below the 30 cents price mark. Today, ADA prices did just that and reached a current price of 25 cents. Will Cardano reach 10 cents? Where does the Cardano crash end?
What is Cardano Crypto?
Cardano is a decentralized public blockchain and cryptocurrency project that is focused on providing a secure and scalable platform for the development and execution of smart contracts and decentralized applications (dApps). It was created by Input Output Hong Kong (IOHK) and led by Charles Hoskinson, co-founder of Ethereum.
Cardano is built on a proof-of-stake (PoS) consensus algorithm called Ouroboros, which aims to be more energy efficient and secure than proof-of-work (PoW) algorithms like the one used by Bitcoin. Cardano also utilizes a multi-layered architecture that separates the settlement layer, where transactions are recorded and verified, from the computation layer, where smart contracts and dApps are executed. This separation allows for flexibility and modularity, as well as the ability to upgrade the network without disrupting existing applications.
Why is Cardano Crashing?
Simply put, the crypto market is still on a bearish trend and never managed to go back on an uptrend. There have been many occasions where the crypto market increased suddenly in price. However, from a technical point of view, this was merely a normal price action in a bearish trend.
Cardano specifically lost a lot in its market cap in 2022 as it skyrocketed in the previous years. In fact, Cardano gained more than 1,350% from the year 2020 to 2021. On the other hand, from the year 2021 to 2022, all gains were completely wiped out. Prices are back to square 1.
When to Buy Cardano?
It is obvious that buying during a bear market is a no-no. However, some rookie traders and investors still buy into the hype of big players who are looking to dump their holdings. In a previous article, we warned about buying Cardano as we anticipated lower prices. Today, Cardano broke the important support of 30 cents as prices are looking to go even lower.
If you are looking to buy Cardano, you’d want to look for a clear crypto market rebound. This means that most cryptocurrencies are back on their uptrends. Cardano would reach around 56 cents to confirm its price reversal.
Will Cardano reach 10 cents?
Well, if the crypto market continues to bleed, there is no stopping crashing prices. Most crypto technical analysts predict Bitcoin will reach a bottom of $10,000. This means a further 40% drop in prices.
For Cardano, this means that it will reach somewhere between 10 and 12 cents. This is in line with how altcoins move in tandem with Bitcoin. The latter still has a significant market dominance of around 40%.
Cardano Crash: Will Cardano Prices go up in 2023?
Cardano has gained a significant following and has made significant progress since its launch in 2015, and it has the potential to become a major player in the cryptocurrency and blockchain space. However, the success of a project depends on a variety of factors, including the quality and adoption of the technology, the level of community engagement and support, and the overall market and regulatory environment. The current state of Cardano’s market cap is directly related to the crypto market’s bearish outlook.
Cardano has a strong focus on research and development, and it has partnerships and collaborations with a number of academic institutions and research organizations. It has also made significant improvements to its technology and has implemented a number of features and upgrades. Additionally, the project has a large and active community of developers, researchers, and users. We expect that when the crypto market goes back to being bullish, ADA prices should soar high.
This is expected to happen sometime in Q3 2023.
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