Cardano May Be Highly Undervalued, As Per Santiment
By:C, FionaCardano (ADA) remains in a complicated state on the crypto market. The asset was unable to find any support from institutional investors in 2021 and has not gained any redemption in 2023. Two years of active selling made Cardano extremely undervalued compared to Ethereum, Solana and other competitors. But does this necessarily mean that ADA price will rebound in 2023?
Cardano (ADA) may be highly undervalued
According to the analytical platform’s insights blog post, there are some signs that sellers are becoming exhausted. On every downward movement in ADA, there are fewer coins at a loss on the network, which shows continuously decreasing selling power on the network.
Additionally, we are seeing a downtrend in a trading volume — one of the strongest fading/reversal signals observed on the market. As a trend goes by, bulls or bears gradually lose their power, slowly giving the momentum away; at that point, a trend reversal happens. This could be the case for Cardano in 2023, especially if we see a general recovery of the cryptocurrency market.
However, the whole analysis was based on only a few indicators that do not give us any fundamental insight that would also allow us to confidently forecast the movement of ADA in 2023.
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How things are going now?
Unfortunately, Cardano does not look like it is ready for a bounce as it has dropped to the local low once again, failing to gain momentum after showing a 7% price increase in the last four days.
The trading volume of Cardano is indeed descending, but this does not necessarily tell us about the trend fading as it could also be the result of holidays on financial markets across the world. This trend is likely to continue until January 5.
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