Similar to how other cryptocurrencies have suffered price drop due to crypto market bloodbath, Cardno has also experienced the same dive.
It has suffered an 85% drop from its all-time high. Hence, it is currently considered as undervalued and analysts have predicted a recovery in Cardano.
Even though the Crypto market is hit by a bloodbath, driving altcoin prices lower, the Cardano market has recovered from a slump. Narmin, a leading crypto analyst, says that Cardano price analysis shows rising signs as its market reveals upside potential, and bulls are likely to gain control of Cardano price.
Cardano, Even after slipping 85% from its all-time high, is still on track to make a comeback. Thus, Analysts believe that ADA is a bear market opportunity for crypto investors.
The analysts further adding to this says, they have noted the Cardano price fluctuations and they believe that the altcoin could definitely make a comeback despite its slump. They Further predict that the Cardano price could hit a target of $10 just within a few market cycles. Cardano’s market capitalization is currently $15.7 billion and the 4-hour price chart illustrates the bullish potential of the leading altcoin.
The graph above indicates the bullish potential of the altcoin Cardano. Whereas the altcoin is testing up to the upper limit of Bollinger bands. Representing $0.50 as the strongest resistance and the lower limit of $0.43 as a support for the altcoin.
The prices of Cardano continue to remain undervalued despite losing 65% of its TVL (Total Value Locked).
Despite the volatility in the Cardano price, large-wallet addresses are scooping up ADA off of exchanges. In addition the Whales on the Cardano blockchain have accumulated nearly about 200 million ADA tokens over the last two weeks.