Bitcoin is probably the best performing asset in the market with ROI higher than most. On the other side of the spectrum just might be Cardano’s ADA. Investors in the asset have not had the best of 2019.
Not only has it not performed positively, but it also dropped so much that it’s almost a 100% lower than its current all-time high of $1.33 which it hit on the 4th of January, 2018. But it would seem like there might be some hope for ADA at the end of the day.
Ever since March last year, ADA has been consistently descending but now, the current behavior might mean that it’s ready to end its long descent.
An analyst Crypto Loomdart (@loomdart), recently tweeted that he’d be uncomfortable “holding ADA till we can get some 4h candles over the 472 sat range.” According to the analyst, if confirmation can cross 472 sats, there’s a very good chance it could launch all the way to the 700s.
There really is no definite certainty with ADA – or any other cryptocurrency – that this would mean that the asset now has a bullish future ahead of it.
Regardless, it would be reasonable to think that based on its current movement, ADA has currently bottomed out and if this is valid and there’s no going lower, then we just might have a surge, however briefly it lasts. Crypto Loomdart’s view which is bullish for a level higher than 472 sats could affect the general ADA sentiment.
ADA is currently at $0.045 and is still the 11th largest digital currency by market cap. This price is still some distance from its all-time low of $0.017354 where it was on the 1st of October, 2017. If a reversal occurs and ADA begins a rally, the current sentiment could change, however slowly or rapidly, improving ADA’s general chances in the market.