Analysts Are Bullish On ADA But Price Keeps Tanking, What’s Going On?
12 September 2023 - 9:00AM
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One coin that analysts seem to still be bullish on is Cardano’s
native token ADA. However, despite all of the faith that remains in
the digital asset, the price continues to tank and has fallen below
multiple important support levels. Analyst Goes Deep On Cardano In
an interview hosted by Altcoin Daily, crypto analyst Hashoshi
shares very bullish views on the Cardano network. He starts out by
explaining that the design decisions being made by the Cardano
network have been some of the better ones in the space. Going
further, Hashoshi lauds the development rate of protocols on the
blockchain as projects continue to build. Related Reading: Ethereum
Whales Send $486 Million To Coinbase, Time To Exit? “Cardano’s done
things almost completely different from the start,” the analyst
said. “They’re in a good position right now, despite what people
might believe, to make a resurgence if the conditions are correct,”
he further added. For the price of ADA, the analyst explains that
with liquidity coming back into the crypto space, the price of the
digital asset could reach above its previous all-time high of
$3.10. “The community is still strong… and I think then you
see them outstrip that previous all-time high.” Hashoshi is not the
only analyst bullish on the price of ADA going forward. Another
analyst Kara Szabo has predicted that the price of the digital
asset could climb to $5. Szabo also bought $20,000 worth of ADA at
the start of September, signaling the analyst’s conviction on the
altcoin’s bullish performance going forward. “My conservative price
estimate for the next bull run is $5,” Szabo said on X. “I know
some people will think this is low, but this is a 20x from the
current price!! For a large market cap alt, this very well may be
one of the best plays in crypto at the current price point.” Here
is my in-depth #Cardano $ada price prediction for the upcoming bull
market. This very well may be the best performing large market cap
that investors are sleeping on: ✅ Ada has a max supply of
45,000,000,000 tokens with approximately 35,045,020,830 of those
tokens in… pic.twitter.com/k4Hs89q1lG — Kara Szabo (@kararesurrect)
September 9, 2023 Cardaon's token plunges to $0.24 | Source: ADAUSD
on Tradingview.com But Why Is ADA Price Falling? Despite the
bullish sentiment that has enveloped the digital asset, the ADA
price has continued to struggle in the market. The reason for this
decline can be attributed to a significant amount of ADA being
unstaked from smart contracts, causing the total staked ADA to
slide downward. Data from DeFi tracker DeFiLlama shows that the
total tokens staked on the Cardano network dropped from above 777
million on September 2 to 733 million on September 11. This meant
that over 43 million ADA were unstaked and likely made their way to
the open market as these holders sold their stash. Staked tokens
nosedive in September | Source: DeFiLlama Such a large amount being
dumped into the market in a period of low liquidity could see the
altcoin continue to drop, especially if more ADA is unstaked to be
sold in the open market. Related Reading: Why The Shiba Inu Price
Cannot Realistically Get To $0.001 However, ADA’s long-term outlook
remains bullish as the Cardano network remains one of the networks
with the most developments taking place. As developers flock to the
network, investors are expected to follow. At the time of writing,
ADA is struggling at $0.24, down 2.33% in the last day and 5.10% in
the last week. Follow Best Owie on Twitter for market insights,
updates, and the occasional funny tweet… Featured image from
iStock, chart from TradingView.com
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