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“Currently, a 10 billion market cap, this thing is not even worth $1 billion,” one X user argued.
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Summarize with AI
Summarize with AI
The latest cryptocurrency market crash was brutal, sending Cardano’s ADA to multi-month lows.
Some analysts believe the storm may not be over, warning the price could nosedive by as much as 75% in the short term.
The Bad Days for the Bulls Aren’t Over?
Several hours ago, ADA plunged to 0.27, the lowest level since August 2024. Currently, it trades at around $0.29 (per CoinGecko’s data), representing a 15% decline on a weekly scale.
ADA Price, Source: CoinGeckoThe well-known analyst DrBullZeus claimed that the asset is now nearing “a must hold support zone” at the range of $0.24-$0.28. He thinks that breaking below that level could result in a price crash to $0.125 and even $0.075.
The popular trader Matthew Dixon also chipped in. He suggested that “technically speaking,” ADA has retraced in three waves since the local top seen towards the end of 2024. He outlined $0.24 as a “very important long-term support,” predicting that as long as it holds, the price could rebound.
Prior to that, Harmonic Trader predicted that in six months, ADA might trade under $0.10. “Currently, a 10 billion market cap, this thing is not even worth $1 billion,” they argued.
Time to Rally?
Despite ADA’s recent price decline, some other analysts remain optimistic that a resurgence could be on the way. One of them, using the X nickname “Lucky,” asked their almost two million followers whether they plan to increase their exposure to the token at current rates. The analyst also envisioned a potential pump to nearly $1 in the near future.
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LaPetite is also bullish. Several days ago, he forecasted that ADA is about to go “parabolic,” claiming that “huge announcements” concerning Cardano are coming soon.
The recent exchange netflows signal that a rebound could indeed be on the horizon. Data provided by CoinGlass shows that over the past days and weeks, outflows have significantly outpaced inflows. This means investors have been shifting from centralized platforms to self-custody, which in turn reduces immediate selling pressure.
ADA Exchange Netflow, Source: CoinGlassSECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link to register and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).
Source: https://cryptopotato.com/ada-price-alert-why-cardano-investors-are-moving-assets-to-self-custody-now/
