Cardano Upsurges As Markets Recuperate — Where ADA Is Headed In The Short-Term

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Cardano Is Outstripping Bitcoin In More Ways Than One
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  • ADA has seen one of the best runs this year.
  • But with recent market pushbacks, the asset seems to be struggling to make the much awaited comeback.
  • Market observers are now sharing insightful takes on where the asset is headed.

Cardano (ADA) has been one of this year’s most dependable performers. The altcoin has done so well, it saw a 650% increase this year alone. ADA is one amongst a handful of altcoins recording this growth. The four-year-old cryptocurrency has managed to remain relevant in the crypto market while a lot of its counterparts struggle to remain afloat.

ADA began the year with an opening price of $0.1814. Like many altcoins, ADA saw a significant price breakout in the 1st quarter of the year. Hitting $1.19 and managing to settle above that mark for the next 6 months was highly reflective of where the market stood with ADA. The altcoin sustained its gains throughout the bear trend that was partly incited by Elon Musk after the billionaire triggered a major Bitcoin price dip.

ADAUSD Chart By TradingView

Cardano gained more ground among market players and new observers who were concerned about crypto energy usage and were on the lookout for an alternative asset. Cardano being a proof of stake chain helped solidify ADA’s reputation, such that once the bear market —triggered by China’s crackdown on crypto— was over, ADA broke out to a new all-time high of $3.10, on the 2nd of September.

With September came a significant pushback for ADA. Although November saw ADA touch $2 before losing momentum in the same month, December has been a tough month for ADA. Down over 10% within the last 72 hours, ADA has emerged as one of the worst performers in the last 7 days.

With market players anticipating an altcoin price pump in the long term, positive sentiments are quite feasible for altcoins in general. With ADA in particular, holders like Geoffrey Miller had this to say: “Cardano: up 650% this year, but down 55% from Sept 2. Whales want you to sell your ADA to them now before it pumps again.”

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His tweet comes not long after $53 million worth of ADA was liquidated. Other ADA holders, having branded the market sweep as inevitable are confident that a bounce-back is just around the corner.