Cardano Price Prediction is Bearish - Prepare for $0.05 ADA as Greener Alternative Ecoterra Pumps
Cardano (ADA) has struggled to keep pace with its major crypto rivals like Bitcoin (BTC) and Solana (SOL) so far this year.
While these two cryptocurrencies are up a respective more than 70% and 110% each, Cardano (ADA) is up a more modest 50%.
Some have nonetheless been predicting that the cryptocurrency, last trading around $0.38 per token as per CoinGecko, has entered a new bull market, thanks to it breaking its 2021/2022 downtrend earlier this year and “confirming” that breakout when it successfully bounced from a retest of this downtrend.
But others are concerned that “weak” Cardano network fundamentals may hamper the prospect of a bull market.
Despite currently ranking as the 7th largest cryptocurrency by market capitalization, as per CoinGecko, many Cardano bears and critics think that the cryptocurrency is massively overvalued versus its fundamentals.
Bears often point to Cardano’s still very low trade value locked (TVL) within its Decentralized Finance (DeFi) ecosystem and refer to its as a “ghost chain” given its low daily transaction count.
Cardano’s TVL was last around $182 million, orders of magnitude below the TVL on its proof-of-stake layer-1 blockchain rivals like Ethereum and Solana.
Meanwhile, daily transactions taking place on the Cardano blockchain were last around 61,000, also way below rival blockchains.
Cardano’s bloated market value appears to be based upon expectations for ecosystem growth that are yet to really materialize, the critics argue.
As Cardano fails to keep up with competitors, it could slowly begin falling into relative irrelevance and that could create big bearish headwinds for the ADA price.
That could send ADA as low as $0.05, some have warned.
Of course, these price predictions are extreme.
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