Cardano

HODL

2024

Solana

Cardano price analysis indicated quite a decline in its performance these days. The dip came after the Cardano gained around 15% within the first three days of May but declined today in response to today’s <a href="https://coingape.com/trending/top-reasons-why-the-crypto-market-is-down/" rel="noopener noreferrer nofollow">crypto market</a> fall. <a href="https://coingape.com/price/cardano/" rel="noopener noreferrer nofollow">ADA price</a> is currently trading at $0.4408 with a trading volume of $280,165,795 after a 19% decline. However, it is still ranked 10th top cryptocurrency on <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/cardano/">CoinmarketCap</a> because of its market cap of $15,718,560,851.
<img decoding="async" src="https://coingape.com/wp-content/uploads/2024/05/image-55.png" alt="Cardano Price Analysis" width="663" height="325">
ADA token has been trading between the $0.4-$0.8 range for two years, continuously failing to go above the $1. The last time Cardano was above $1 was in March of 2022, and a <a href="https://coingape.com/trending/is-cardano-finally-hit-by-the-bull-run-heres-whats-happening/" rel="noopener noreferrer nofollow">similar surge</a> did happen this year as well, but that did not last long. Cardano rose to the highest point of $0.78 in March before facing a downward trend.
<h2 id="cardano-price-prediction-for-may">Cardano Price Prediction For May</h2>
As per the current market situation, Cardano is supposed to maintain its value closer to $0.5-$0.6 for&nbsp;the majority&nbsp;of the month. But the prices might see a 2% surge in the upcoming days, pushing the Cardano value above the $0.6 mark.&nbsp;However, Ali Martinez, a crypto analyst, believed a big rally might happen soon because of the resemblance of the charts to 2020, where a 4095% increase in the Cardano price took place.
Also Read: <a href="https://coingape.com/trending/crypto-market-to-recover-by-may-end-heres-what-you-should-know/" rel="noopener noreferrer nofollow">Crypto Market To Recover By May End; Here’s What You Should Know</a>
According to him, the ADA price consolidated a <a href="https://coingape.com/glossary/parallel-channel-pattern/" rel="noopener noreferrer nofollow">parallel channel</a> in 2019, and once the token came out of the stagnant phase, a 75% price surge took place before getting into a correction zone, losing 56% in value. However, even with the fall, the Cardano price went for a 4,095% bull run.
Similarly, Cardano also faced a 50% drop last month, which Ali believes to be the perfect opportunity to buy more before Cardano’s price recovers.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 In 2019, <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Cardano</a> consolidated within a parallel channel, signaling an end to the bear market.
 Following the stagnant phase, <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a> broke out of the channel with a 75% surge, then underwent a 56% price correction, setting the stage for an impressive 4,095% bull run. <a href="https://t.co/5C3GIHEvGp" rel="noopener noreferrer nofollow">pic.twitter.com/5C3GIHEvGp</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1786323542411280414?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 3, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
A few other analysts have also <a href="https://coingape.com/markets/cardano-price-prediction-could-ada-hit-1-this-year/" rel="noopener noreferrer nofollow">backed</a> up the Ali prediction, anticipating Cardano to attain a value three times higher than its all-time high.&nbsp;As a <a href="https://coingape.com/trending/bitcoin-halving-might-be-the-best-gift-for-altcoins/" rel="noopener noreferrer nofollow">bull run</a> might take over the crypto market by the end of the year, the Cardano holders are focusing on HODL for now.
<h2 id="final-thoughts">Final Thoughts</h2>
Cardano is more than 87% away from its all-time high target of $3.10, set three years ago. It hasn’t surged or been near that in the last two years. With its March price surge, the Cardano investors did expect a better surge, but it turned into a downtrend even before the month ended. As of now, ADA price has dropped more than 27% in a month with the possibility of recovery in May.
Read More <a href="https://coingape.com/trending/analyzing-the-solana-meme-coins-performances-dying-trend/" rel="noopener noreferrer nofollow">Analyzing The Solana Meme Coins Performances; Dying Trend?</a>
The post <a href="https://coingape.com/trending/whats-happening-with-cardano-price-this-month/" rel="noopener noreferrer nofollow">What’s Happening&nbsp; With Cardano Price This Month?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

What’s Happening With Cardano Price This Month?

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