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Cardano (ADA) has been in the cryptocurrency market for quite some time. But just last year, the altcoin managed to witness a huge boost in terms of price. In September 2021, ADA emerged as the star of the crypto market by reaching an all-time high of $3.10. However, the fervor around this has died down as has its price. Despite making significant gains, the altcoin went downhill after this milestone. However, the latest metrics have brought some hope for the altcoin.
Cardano was currently trading at $0.9005. This is almost 71% below the altcoin’s all-time high. While this high might be difficult to achieve, it is likely to top the dollar. Along with this, Santiment reported that the 30-day market value per realized value level (MVRV), was a bit low. Therefore, ADA was found to be undervalued.
📉 #Cardano's average trading returns on the 30-day mid-term interval has fallen below -15%. This is historically an MVRV level when $ADA and many other #altcoins see at least a short turnaround in prices to alleviate the losses mounting on networks. 🫰 https://t.co/cIAE2JuWRV pic.twitter.com/Ti98uQ3Rfr
— Santiment (@santimentfeed) April 22, 2022
As seen in the chart above, the 90 cent zone has acted as prominent support for the altcoin. Time and time again, Cardano has gotten a huge boost during his stay in this zone. As a result, a potential uptrend could be in the works.
Will things go as planned for Cardano?
While the 90 cent zone looks promising for the altcoin, the possible entry of the bears could start the redirection.
The ADA/USD one-day price chart showed a bearish notion. The Awesome Oscillator indicator formed bold red closing bars that signaled the presence of the bears. As a result, a possible drop from the 90 cent zone could push Cardano further down to 70 cents.
Despite growing developments in its market, ADA seemed to be sidelined by several other projects. While its price remains undervalued, the altcoin was outperformed by newer coins like Solana (SOL) and Terra (LUNA). Cardano currently ranks as the 9th largest cryptocurrency. The asset could soon be kicked out of the coveted top 10 if his current notion persists.
