Cardano Investors Unmoved By Market Rally As Price Predictions Remain Conservative
Best Owie - Bitcoinist
Cardano has been one of the networks that have garnered a good following over the last couple of years. The network’s launch of smart contract capabilities had propelled it further into the limelight, strengthening its community in the process. However, despite the growth that the network has recorded in the last few years, it has suffered massive crashes, and this seems to have gotten to the community given their prediction for ADA’s future value.
Not Much Growth Is Expected
Cardano had hit a new all-time high of $3.10 back in 2021 to much fanfare. Most of the growth during this time was attributed to the news that smart contracts capability was coming to the network. But after the important network upgrade, morale in the native token ADA had plummeted, and its price had followed shortly after.
This decline continued until the cryptocurrency had broken below $1, bringing it to its current value of $0.51. While this had been the point the digital asset had been trending in over the last month, concerns have been raised about the asset’s inability to follow the current recovery that is being recorded all over the crypto market.
ADA trending at $0.5 | Source: ADAUSD on TradingView.com
The bearish sentiment among ADA investors that has led to such low prices continued and is evidenced by the predictions investors have for it. Coinmarketcap’s ‘Price Estimates’ feature allows users to input a price range they expect a digital asset to be trading in at a specific time, and ADA’s numbers in this regard have not been good.
According to the data collected, users only expect the price of ADA to grow about 19% for the month of August. This comes out to an average of $0.72 price prediction for the end of August. For the shorter term, they expect the price to finish the month of July at an average of $0.85.
Cardano Prospects For The Future
The Cardano network is known for the development that happens on the network. It retains bragging rights as the network with the most developments going on and has continued to deliver in this way. The latest of the developments is the Vasil Hard Fork which was initially scheduled to go live in June.
However, due to some unforeseen circumstances, the launch was postponed to the end of July. But IOG, the developer behind the Cardano network, has announced that the hard fork will be postponed once more to August.
The postponement of the hard fork has negatively affected the price of the digital asset, keeping it from following the general market recovery. It has triggered bearish sentiment, which continues to keep the price of the digital asset down.
Nevertheless, it is expected that as the Vasil hard fork draws closer once more, it’ll trigger another rally in the price of ADA. This will likely see the price touch the $0.7 forecasted price.
View full text