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Cardano Fails To Turn Profitable Despite Vasil’s Enthusiasm About Upgrades
Crypto Analyst Says ADA Could Recover As Institutional Investors Show Interest
ADA Trades at Support, May Fall Further
Cardano ADA/USD to $1? Well, that was the speculation when Cardano got close to the long-awaited Vasil upgrade, and in fact cryptocurrency expert Michael van de Poppe said that if the upgrade is successful, ADA could drop before or after the event. He expected to get $1. Three weeks after the event, ADA is trading at just $0.42 and looks very vulnerable. what went wrong?
A cryptocurrency analyst pseudonymous Guy has come to the rescue of Cardano. In a debate with another popular crypto analyst, Benjamin Cowen, Guy believes ADA will ultimately win. Cardano lacks institutional investors, he says. He said that when crypto returns, big investors will be thrilled to see a massive upgrade success. In this regard, he notes that Cardano’s Vasil and Ethereum merges are important.
The above observations are sentimental, but notable developments bear them out. Earlier this month, Cardano founder Charles Hoskinson said that hundreds of projects are courting his Cardano. he is Vasyl upgradeAs a notable example, Hoskinson mentioned decentralized music streaming platform NEWM.
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Source TradingView
Technically, ADA is trading near its annual lows. The current level is the support zone, giving ADA a chance to recover. However, as the MACD indicator shows, the momentum is weak and it is deep into bearish territory.
Despite the bear’s weakness, enthusiasm for ADA remains high. This could indicate that ADA has built a true but sustainable story. When that happens, time will tell, as the market will shake from the expected recession impact.
Perhaps the ADA has never had a speculation-driven surge. So when a recovery occurs, it will be real and sustainable as healthy fundamentals drive it.
