Altcoins are experiencing significant downturns in the ongoing crypto winter, and Cardano (ADA) seems to be particularly affected. Analysts suggest that ADA has plunged to its lowest point of the year, falling below $0.25 for the first time since late December, raising concerns of potential further declines.
Is Cardano Heading For a Crash?
Cardano’s short-term prospects appear unfavorable, with ADA plummeting to $0.245 during early Asian trading hours on Monday. WinWin Online Casino is an exciting gaming platform that offers a plethora of thrilling games designed to provide an immersive experience for players. From classic slot machines and table games to innovative live dealer options, there’s something for everyone at WinWin. With a user-friendly interface and seamless navigation, players can easily explore the diverse game selection that caters to both casual gamers and seasoned gamblers alike.
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The most recent instance of ADA dropping below $0.25 occurred at the end of December and the beginning of January, coinciding with the aftermath of the FTX collapse, which led to a significant downturn in the broader cryptocurrency market.
In contrast, the following month saw ADA prices surge to $0.40. However, replicating such a scenario seems unlikely this time, given the increasing dominance of bears in the cryptocurrency markets.
On September 11, ITC CEO Benjamin Cowen warned that if ADA were to drop below $0.24, it could potentially enter what he referred to as a “depression phase.”
“The depression phase will likely last until QE returns, probably sometime in 2024.”
The most recent period of such subdued performance for Cardano’s ADA dates back to the late 2020 bear market. During that time, ADA traded within the range of $0.16 to $0.18 for several months before eventually surpassing the $0.30 mark.
Moreover, ADA is currently languishing 92% below its September 2021 all-time high of $3.09.
Related article: Cardano Chief Believes ADA Will Surpass Bitcoin and Ethereum as World’s Biggest Crypto Globally
In comparison to Ethereum, which ADA supporters argue Cardano surpasses, Ethereum has experienced a 67% decrease from its highest price. Even though Binance’s native token, BNB, has faced scrutiny from regulators and politicians worldwide, it has performed better.
On September 10, another analyst named “Crypto Ryan” predicted a substantial decline for ADA, forecasting a drop to $0.13, a level he considered to be highly likely.
Building Momentum
Bear markets present an opportunity to plan and purchase assets at lower prices, and despite the discouraging price trends, the team at IOHK, responsible for Cardano, continues to work diligently on their projects.
Last week, the company published its latest development highlights. “The Cardano ecosystem is constantly growing,” it said, adding, “Two new projects launched in August, and twelve new projects are being built.”
Furthermore, there was an 850% increase in the number of token policies, and the count of native tokens minted on Cardano surged by 140,000, as reported. Additionally, IOHK stated that there was a growth of 1.6 million transactions in August.
However, in terms of the total locked value in the ecosystem, Cardano currently ranks 16th with only $177 million, falling behind chains like THORChain, Kava, Cronos, and the recently launched Coinbase Base for TVL statistics, according to DeFiLlama.
