“If the next bull run comes, I wouldn’t be surprised to see Cardano make another crazy move,” one X user stated.
Cardano’s native coin has collapsed by almost 80% over the past year, while its founder, Charles Hoskinson, said he was “taking a break” and warned of a “wave of failures” coming in the ecosystem.
Despite the bleak reality, some analysts remain optimistic that a price recovery may be on the way, while some key indicators support a bullish scenario.
Recovery in the coming weeks?
Earlier this month, ADA briefly collapsed below $0.15, its lowest level since the end of 2020. As of this writing, it is worth around $0.16 (according to CoinGecko data), which remains very close to the local bottom.
While many industry participants have lost confidence in the token and expect additional losses, X user Sssebi foot an optimistic scenario. They believe that Cardano’s ADA will not remain in its current range for long and expect a rise beyond $0.20 within a month.
The analyst based his theory on the asset reaching the highest level in the oversold zone (on the weekly chart) in its entire history. Data indicates that the Relative Strength Index (RSI) recently fell to 12 and now stands at around 25, which is still considered a bullish zone. On the other hand, ratios above 70 indicate that ADA has become overbought and could be preparing for a correction.
Another popular X user who didn’t panic amid the bloodbath is Crypto with Haris ₿. they He claimed The collapse of the Americans with Disabilities Act does not seem like the end, but rather an opportunity, recalling that similar collapses have occurred in the past.
Ada It went from around $0.22 to $1.30 in just a few months. Maybe history repeats itself. Maybe it doesn’t. But if the next rally comes, I wouldn’t be surprised to see Cardano make another crazy move.
Cardano’s founder, Charles Hoskinson, has recently drawn significant attention after several controversial statements. At the beginning of June, he raised concerns within the community by advertisement Temporary outage and warning that the wider ecosystem could face a “wave of failures” due to project closures and financial difficulties.
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Cardano is “the only ecosystem that can run the world,” while… Recently, some X users have done just that Suggested He may have sold nearly 1.5 billion ADA during the 2021 bull market. He did not respond to the accusations, but speculation could further shake investor confidence and lead to a further decline in asset prices.
