“Whoever thinks Cardano is dead has clearly not been through other bear markets,” one analyst argued.
Cardano’s native token, once part of crypto’s elite top 10 club, has been among the worst-affected digital assets during the ongoing bear market.
Its price has plummeted by 65% over the past year, but that hasn’t affected the optimism of many analysts who believe a major resurgence could be on the horizon.
ADA is Dead or…?
As of this writing, the asset trades at around $0.25, while the last time it touched the $1 milestone was roughly a year ago. And while some believe that ADA won’t be able to reclaim its former glory, X user Sssebi argued that “whoever thinks Cardano is dead has clearly not been through other bear markets.”
The analyst noted that underperformance during such phases is normal, but added that 200-300% pumps can occur within weeks once sentiment turns bullish.
“Don’t get fooled by an overall bad sentiment across all markets,” they stated.
The post triggered mixed reactions, with some sharing the same theory. The non-custodial staking infrastructural provider Everstake, for instance, predicted that Cardano “is set to surprise everyone this year.”
Others remain disappointed with the asset’s performance, doubting it will stage a meaningful recovery and advising investors to take profits should one occur.
JAVON MARKS is another analyst who recently gave their two cents on ADA. The market observer suggested that over the past few years, the token might have formed a base similar to the one that preceded a major rally in 2021.
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Still Awaiting the Major Move
Earlier this month, the renowned analyst Ali Martinez opined that ADA has reached the “make-or-break” level at $0.243. He explained that this area has historically served as a key pivot and a launchpad for major price swings.
Holding this zone could pave the way for a move to $0.30, but losing it might signal structural weakness and potentially drag the valuation to as low as $0.10. Despite a short-lived drop to $0.24 on April 20, bulls have mostly defended that area.
Meanwhile, ADA’s recent exchange netflows have been mostly negative. This means that investors continue to shift tokens from centralized platforms to self-custody methods, thereby reducing immediate selling pressure.