There is still hope for Cardano price after 88% nosedive from all-time high
- Cardano is identified by analysts as a bear market opportunity and considered an under-valued altcoin.
- Despite a massive drop in altcoin prices, analysts believe Cardano price could recover from its slump.
- A leading crypto analyst has set an upside target of $10 for Cardano price and reveals a bullish outlook on the altcoin.
Cardano price has suffered an 85% drop from its all-time high. The altcoin is currently considered undervalued and analysts have predicted a recovery in Cardano.
Cardano remains undervalued at $0.46
The crypto market is hit by a bloodbath, driving altcoin prices lower. However, Cardano price has recovered from a slump and analysts believe ADA is a bear market opportunity.
After slipping 85% from its all-time high, Cardano price is on track to make a comeback. Narmin, a leading crypto analyst believes Cardano price analysis shows rising signs as the market reveals upside potential. Bulls are likely to gain control of Cardano price.
Analysts have noted the rising fluctuations in Cardano price and believe the altcoin could make a comeback despite its recent slump.
Analysts note that Cardano price could hit a $10 target within a few market cycles as the crypto ecosystem is currently hit by a bloodbath. Cardano’s market capitalization is currently $15.7 billion and the 4-hour price chart illustrates the bullish potential in the leading altcoin.
This indicator reveals bullish potential in Cardano
Cardano price chart currently reveals that the altcoin is currently testing the upper limit of Bollinger bands. $0.50 is the strongest resistance for Cardano price and the lower limit of $0.43 serves as a support for the altcoin.
ADAUSD price chart
Despite losing 65% of its Total Value Locked (TVL), Cardano price continues to remain undervalued. Dan Gamberdello, a crypto analyst and founder of CryptoCapitalVenture.io believes Cardano price is on track to hit $10.
It’s simple. I think $150,000 #Bitcoin & $10 $ADA will arrive one day. So today I plan according to that possibility.
— Dan Gambardello (@cryptorecruitr) May 28, 2022
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
