In an environment mostly characterized by crypto market optimism, Cardano (ADA) has been on a downward trend recently. The price has dropped nearly 20% in the last month and currently sits below $1.
Investors are cautious in the short-term, with some analysts predicting a neutral-to-bearish outlook. This bearish sentiment is fueled by a decrease in whale and DeFi activity, putting pressure on ADA’s price support.
However, the Cardano community remains optimistic for the long term. They believe the growth of the network’s internal activity will eventually translate to price increases.
Cardano 1-month price prediction. Source: CoinCodex
This indicates a potential increase of 3.12% from its current price of $0.608, although the upward trend is expected to be relatively modest.
Cardano price analysis
At press time, Cardano’s price today stands at $0.6080. Despite experiencing a slight decline of -0.36% for the day, ADA has seen an increase of 3.25% over the past week.
Cardano 30-days price chart. Source: Finbold
However, this upward momentum contrasts sharply with a significant decrease of -17.45% over the past month, indicating a challenging period for the cryptocurrency, according to Finbold data.
The 3% gain across the last seven days was notably not enough for the digital asset to keep its position as the ninth largest cryptocurrency by market capitalization as The Open Network (TON) overtook it on April 9.
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