Cardano Price Found Its Bear Market Bottom? Analyst Forecast Price Reversal Soon

Cardano Price Found Its Bear Market Bottom? Analyst Forecast Price Reversal Soon

Time Stamp: July 3, 2023 4:33 AM
Source Node: 2156317

The Cardano (ADA) has undeniably grown to a mature network with a market capitalization of $10 billion and over 4 million non-zero addresses. Despite the recent Cardano calls as unregistered securities by the United States Securities and Exchange Commission (SEC), the more than 22.79 billion staked ADA out of 45 billion in total supply speaks volumes on the network’s decentralization aspect.

As a result, most crypto analysts are bullish on the long-term success of the Cardano network amid mainstream blockchain adoption.

Moreover, the network’s DeFi ecosystem has been steadily increasing with the total value locked (TVL) at about $164.19 million, while its stablecoin’s market cap was around $14 million on Monday. With more than 51k daily active users, it is safe to say that the Cardano network is well slated for mainstream global adoption.

Cardano Price Analysis

The Cardano (ADA) price has technically been trapped in a macro bear market since September 2021. However, the ADA market has recorded diminishing losses YTD, which largely depicts a possible reversal ahead.

Moreover, after declining more than 64 percent during the first half of last year, ADA prices dropped approximately 2 percent YTD. With a possible double bottom on the daily and weekly charts, a popular analyst on TradingView Alan Santana expects the digital asset to rebound strongly towards its ATH.

In the long term, the analyst expects the ADA price to trade between $4.9 and $7.77 with possibility of rallying further. 

“The really nice part is that this “long-term” is not that far because it is only less than two years away, which is actually pretty close,” the analyst concluded.

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