Cardano (ADA) has officially entered the bear market. The coin has been declining for a few months. While there were instances where it rallied slightly, overall the price action remained fairly subdued. Here are some key facts:
- Cardano has lost over 90% from its all-time highs in 2021
- The coin has also fallen below the crucial $0.5 support level
- ADA however still has a lot of potentials and could hit $10 by the end of the year
Cardano: Is $10 doable?
For ADA to reach $10 by the end of the year, the coin will need to grow 20 times in six months. While this may seem like a pipe dream due to the slow market, it’s actually not unprecedented. 20x growth in crypto is after all something quite common.
However, things will not be that simple for ADA bulls. But, it is clear that the coin is heavily undervalued. For example, even though Cardano continues to report significant growth in its ecosystem, the coin has failed in the past few weeks to cross above $1. Besides, the general weakness in the market appears to have taken its toll on many large-cap coins.
As soon as sentiment starts to recover, we expect the ADA to fully recover. A shift in investor sentiment is likely to occur in the second half of 2022. Even if ADA fails to reach $10, the possibility of 10x growth is still high.
Why you must buy Cardano now
The thing about Cardano is that it still has so much to offer. The coin will probably take months to achieve its true potential.
But if you don’t mind keeping it for a long time, the returns in about a year could be huge. The current price of $0.4 is probably the cheapest the ADA will get.
