Cardano

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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-regains-market-position-despite-recent-decline/" data-wpel-link="internal">Cardano Regains Market Position Despite Recent Decline</a> 
Cardano (<a href="https://en.coin-turk.com/cardanos-impressive-growth-and-potential-for-a-bull-run/" data-wpel-link="internal">ADA</a>) lost 40.60% of its value in the last 90 days, leading to speculation that the token may not replicate its 2021 performance. However, a notable development was Cardano regaining its 9th <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> cap position after being temporarily overtaken by Toncoin (TON). 
<h2 id="critical-development-in-ada">Critical Development in ADA</h2> 
However, this development does not confirm an exponential rise for the token. Despite the downturn, some analysts predict a significant increase for ADA. According to Gambardello, Cardano has a higher chance of performing better than its 2021 rally. The analyst discussed this on X, noting that the project is now more secure, scalable, and decentralized. The expert stated: 
<blockquote> 
 During the last cycle, Cardano dropped 90% from its all-time high. Many called it a dead ghost chain. Suddenly, it surged 3,000% from $0.10 to $3.00. Currently, it is down 85% in the same part of this cycle. This time it is more secure, decentralized, and scalable. 
</blockquote> 
ADA’s all-time high was $3.10 in September 2021. When the token reached this price, the market value to realized value (MVRV) ratio was 35.94%. The MVRV ratio can be used to determine the market’s highs and lows by evaluating the profitability of holders. An excessively high metric could indicate that the cryptocurrency is near its peak. In such a case, it may be considered undervalued. On the other hand, a low indicates that many token holders are at a loss, suggesting the token’s value might be low. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-358860 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/santiment.jpg" alt="" width="1282" height="431"> 
<h2 id="price-analysis-of-ada">Price Analysis of ADA</h2> 
At the time of writing, Cardano’s 30-day MVRV ratio was -1.402%. This suggests the token might be undervalued. However, this does not mean ADA could return to $3 at the peak of this cycle. But if buying pressure increases, the token’s price could reach $0.76. The last time the token reached these levels was in March when altcoins experienced a brief surge. 
Additionally, for the token to rise, Cardano’s trading volume may need to reach impressive levels. Increased volume indicates growing interest in a token. If accompanied by a price increase, it could strengthen the bullish trend. Another metric that could affect ADA’s price is large transactions. Average individual participants on the chain cannot access this amount. Further declines in this amount could cause ADA’s price to drop. In such a case, the token’s price could fall to $0.42. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-regains-market-position-despite-recent-decline/" data-wpel-link="internal">Cardano Regains Market Position Despite Recent Decline</a></h5>

Cardano Regains Market Position Despite Recent Decline

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