Cardano (ADA) is one of the few digital assets that has managed to hold its own despite the downtrend. The digital asset has attracted many supporters and continues to grow in conditions where others are struggling. However, Cardano’s price is down significantly from its all-time high it reached last year. Its price has now fallen below $0.5, but can we still hope to return to $1?
Go up to $1
Cardano (ADA) price has performed better than expected in the market, but that doesn’t mean that’s what investors want. The digital asset’s decline in value has seen its loss-making investors emerge as one of the highest in the space. Indeed, after reaching its all-time high of $3.10, it quickly fell.
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However, there is a lot of speculation surrounding the price of the digital asset. For the community, they continue to have a firm belief that the price of cryptocurrency will recover, especially in a short period of time. Evidenced by the data collected on Coinmarketcap, where the majority believe that the digital asset will grow by more than 100% in the short term.
ADA trading at $0.46 | Source: ADAUSD on TradingView.com
This data was displayed on the “Price Estimate” function which is available on the website. Here, ADA investors revealed that they expect the asset to reach above $0.7 before the end of August. On a longer scale, ADA is expected to break $1 before the end of the year.
The development of Cardano
The ongoing development on the Cardano network remains one of the most compelling aspects of blockchain. With such developments, investors believe that the network will survive and be able to evolve with the ever-changing crypto market.
The Vasil hard fork is one that has been on investors’ radar in the space and is expected to go live in late July. The Vasil hard fork will bring many new features to the network, while making it easier for developers to build Cardano.
This expected growth will likely translate to the price of the digital asset. However, there is not much support for him to see it going up to $1. The digital asset is also under significant selling pressure, which will likely pose a lot of resistance to its ascent.
Cardano (ADA) is trending low at the time of this writing, with an average price of $0.46. Nonetheless, the digital asset remains the 8th largest cryptocurrency with a market capitalization of $15.7 billion.
Featured image from Analytics Insight, chart from TradingView.com
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