Cardano has been steadily declining since the start of the year, dropping from a high of $1.60 in January. Although there have been a few brief improvements, the trend is still downward generally. For the past month, it has been consolidating while the other cryptocurrencies around it have fallen.
Many investors are assessing Cardano, the largest Proof-of-Stakes (PoS) asset, to find the best entry price in light of the recent volatility in the cryptocurrency market.
Is this the Right Time to Stock ADA?
By the end of July 31, 2022, the CoinMarketCap community predicted that the ADA token would trade at an average price of $0.88. This prediction was made using the ‘Price Estimates’ function, which lets users make predictions about the future value of cryptocurrencies.
The community predicts that the value of decentralized finance (DeFi) would increase by a staggering 95.82 percent from its present value at the time of publication by July 31.
20,482 community members had cast votes as of the time of publication to determine the average estimate. Estimates for the end of the following month, August, indicate that the community anticipates a somewhat lower price of $0.80, according to 11,592 user votes.
Despite the slump, Cardano has begun the last-minute preparations for the Vasil hardfork update following a successful testnet deployment. By the end of the month, the price of ADA could change as a result of the Vasil hard fork because historically, the asset has increased in value prior to a hardfork event.
In fact, Cardano founder Charles Hoskinson referred to the Vasil hardfork as ADA’s greatest network upgrade and said that the “stakes have never been higher.”
Cardano Continues to Slump
Cardano’s performance has been extremely poor as a result of a persistent adverse mood that has forced the market to decline steadily. As the coin has continued to drift sideways since last month, the price movements have remained turbulent. Cardano’s all-time high was hit on September 02, 2021, when the cryptocurrency climbed to unexpected heights and peaked at $3.10.
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