Cardano (ADA) price plunges 3.20% to a 21-month low level of $0.38 eliciting fears of a further drop
Cardano (ADA) has hit a 21-month low after a particularly bearish market activity over the past few days. To information From crypto price aggregator platform CoinMarketCap (CMC), ADA is currently trading at around $0.38, down 3.20% over the past 24 hours.
ADA has been selling off since the Cardano blockchain completed its Vasil hardfork in September. Within the past month, ADA has dropped around 25%, shedding more than $0.127 from its value. Year to date, the token is down roughly 71%, per CMC data.
Meanwhile, the latest fall was predicted by analysts. Veteran market analyst Peter Brandt said Tweet Technical indicators in the ADA market last week are indicating that the price level is likely to slide below $0.25.
Is this the end for ADA?
Despite the price plunge in the ADA market, the Cardano blockchain ecosystem has continued to thrive. U.Today reported that decentralized applications (dApps) on the “Ethereum killer” blockchain have been recording a remarkable uptick in new users. The Cardano non-fungible token (NFT) ecosystem has also been gaining more traction in users and value.
Meanwhile, the ecosystem is gearing up for an explosion of new projects with enhanced functionality powered by the latest upgrades. As per recent Input Output Global (IOG) weekly development updatesThere are currently 1,117 projects running on Cardano.
The ecosystem’s progress sparks hope that ADA might still see a return to bullish trading as its fundamentals are still strong.
