Cardano ADA/USD is a proof-of-stake (PoS) blockchain platform. The native cryptocurrency that powers it is known as the ADA token.
The main goal for its development was to enable a decentralized application (dApp) development platform with a multi-asset ledger as well as verifiable smart contracts.
The token has recently been rebounding after falling to some of its lowest levels since February of 2021 and has a bullish outlook.
ADA’s extended recovery and bullish outlook
ADA’s price has started rebounding after testing support levels that precede a bull run in March of 2022 of 65%.
In fact, Cardano has undergone a sharp rebound due to the strong accumulation sentiment.
The richest investors committed to Cardano, known as “whales’, ‘which hold between 1 million ADA and 10 million ADA, have added 196 million ADA to their addresses throughout the past few weeks. This is showcased in data from Santiment.
Furthermore, ADA Pay Plugins also became available for WooCommerce, WordPress, and a lot more platforms, thanks to the Carl Henry Global team and the ADA Pay Gateway.
The current ADA price is considered to be quite low, and this is due to the entire crypto market being deeply in the red.
However, behind the scenes, Cardano’s looking up, mainly due to the fact that the network is regularly updated, with a lot more planned in the future.
For example, on April 14, we covered what we can expect from its Vasil hard fork, which was a huge update.
This has led to a question in the mind of a lot of investors: is ADA worth getting at this current low price point?
Should you buy Cardano (ADA)?
On May 4, 2022, Cardano (ADA) had a value of $0.79.
In order for us to get a better perspective as to what kind of value point this is for the cryptocurrency, we will be going over its all-time high, as well as its performance throughout the previous month.
The all-time high of the Cardano (ADA) cryptocurrency was on September 2, 2021, when it reached $3.09. Here we can see that the token was $2.3 higher in value or by 291%.
When we go over the token’s performance throughout the previous month, we can see that Cardano (ADA) had its highest point on April 4 at $1.22, while its lowest was on April 30 at $0.78. Here, we can see a decrease of $0.44 or 36%.
With this in mind, we can expect the Cardano (ADA) cryptocurrency to turn bullish and get up to a value of $1.5 by the end of May 2022.
The post Cardano (ADA)’s bullish outlook and how you can benefit appeared first on Invezz.
from Market Analysis – Invezz
