What’s Happening With Cardano Price This Month?

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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 crypto market fall. ADA price 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 CoinmarketCap because of its market cap of $15,718,560,851.

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 similar surge 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.

Cardano Price Prediction For May

As per the current market situation, Cardano is supposed to maintain its value closer to $0.5-$0.6 for the majority of the month. But the prices might see a 2% surge in the upcoming days, pushing the Cardano value above the $0.6 mark. 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: Crypto Market To Recover By May End; Here’s What You Should Know

According to him, the ADA price consolidated a parallel channel 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.

In 2019, #Cardano consolidated within a parallel channel, signaling an end to the bear market.

Following the stagnant phase, $ADA 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. pic.twitter.com/5C3GIHEvGp

— Ali (@ali_charts) May 3, 2024

A few other analysts have also backed up the Ali prediction, anticipating Cardano to attain a value three times higher than its all-time high. As a bull run might take over the crypto market by the end of the year, the Cardano holders are focusing on HODL for now.

Final Thoughts

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.

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