- Cardano price has witnessed a drop in the market-wide crypto bloodbath, posting 7.4% losses overnight.
- Proponents state that Cardano’s treasury has plans to build projects like algorithmic stablecoin Djed, in collaboration with COTI and ADA.
- Analysts are bullish on Cardano, and believe the altcoin has a 25x price potential.
Cardano’s treasury indicates there is scope of faster and seamless development and updates in projects like algorithmic stablecoin Djed. As projects are built on its blockchain network, the altcoin has shown crucial improvements in the past couple of months.
Cardano price could breakout soon with massive potential
Analysts are bullish on Cardano's recovery despite the recent slump in cryptocurrency prices. The Ethereum-killer is one of the most prominent altcoins, and its blockchain network has witnessed consistent growth in projects and updates.
The Cardano network is currently testing its capabilities in collaboration with COTI and ADA for the algorithmic stablecoin Djed. The massive funds in Cardano treasury could be used to fund this and future projects on the network.
There is a rise in bearish pressure on altcoins like Cardano after the recent bloodbath in the market, however, ADA price has sustained above $0.53. While most cryptocurrencies rebound from massive sell-offs, Cardano founder Charles Hoskinson is bullish on the project.
Hoskinson says significant corrections are routine in the crypto market and mass hysteria is created, fueling a market crash. Hoskinson told his followers and the Cardano community in a YouTube video that seasoned investors should not be bothered by the sell-off in the market.
Hoskinson believes transactions on the Cardano network would multiply 25 times by 2022. Proponents are bullish on a recovery in Cardano price and predict a massive breakout in the altcoin this year.
@mdtrade, crypto analyst and trader believes the current outlook on Cardano is not bullish; however, there could be an explosive recovery in the altcoin.
#ADA "blood on the streets" $ADA outlook is not pretty but sets us up for the opportunity of a lifetime. Please don't shoot the messenger. As they say forewarned is forearmed. Knowing the outlook we can save money and make a killing in the explosive recovery that is coming #Evai pic.twitter.com/vnCBFeDhVc
— Matthew Dixon - CEO Evai.io (@mdtrade) May 14, 2022
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum whales turn bullish with Shanghai upgrade less than a month away
Ethereum (ETH) whales holding between 1,000 and 10,000 ETH have been scooping up the altcoin consistently for a week. With the countdown to the Shanghai upgrade and the ETH token unlock event, there is a spike in Ethereum demand among retail investors.
Ripple price to close the week with a bang as next week will be crucial for another 20% profit
Ripple price is closing this week with very profitable numbers, even if a fade is ongoing. The fade occurred after bulls received a firm rejection at $0.50 and have been trading lower from that level since. If bulls can keep their hands on this momentum and the Relative Strength Index (RSI) is not overbought, at least some 20% profit is being prepared for next week.
Will Cardano price advance as analysts call it one of the favorite altcoins next to EOS and COLT to pop?
Cardano (ADA) price is making the cut and has been shortlisted by several analysts that have put ADA in their top altcoin, primed to explode to the upside soon. ADA is flirting with a second week of gains and could recover its attempt to hit $0.415 as a crucial level for any further uptrend or downtrend.
Is the new partnering-up strategy the right way for Vechain price to avoid a 30% correction?
Vechain (VET) price had a busy week as several new partnerships were announced. Next to integrating with Dappradar to promote cross-chain visibility, the partnership with Boston Consulting Group might be the one that draws the most attention. Vechain price though is not taking this news in a good way and rather is at risk of tanking further.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.