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The feasibility of Cardano: Is 1 USD achievable?
Cardano [ADA] closed the first month of Q2 with strong progress, surpassing the resistance level of 0.60 USD. However, the price is still fluctuating without a clear direction.
This becomes even more interesting when considering Charles Hoskinson's bold prediction that Cardano could reach 10 USD per Token.
Despite this positive prediction driving momentum on Crypto Twitter, the price of ADA remains below 1 USD.
Will the remaining quarter be different?
At the beginning of February, ADA attracted attention when the trading volume exceeded 1.8 billion USD and the price reached 0.80 USD in four days. But now? The price remains the same, while the trading volume only reached 640 million USD.
The technical indicators are also cooling down, with the volume only increasing by 11%. It seems that ADA is returning to a stable mode, with no significant breakout yet.
This year, the RSI index of ADA only entered the overbought zone once, and that was due to misguided hopes about Trump's reserves.
This indicates that the price increases of Cardano are largely due to short-term effects rather than long-term momentum.
So what about the rest of Q2? Expecting a boom during this time seems unrealistic.
If there are no major changes in Cardano's trading behavior, ADA may remain below 1 USD.
The Fundamental Factors of Cardano Under the Microscope
Although the technical indicators of ADA are gradually losing momentum, it is important to pay attention to the fundamental factors that Charles Hoskinson believes will support long-term growth.
However, the network fee of Cardano, an index reflecting transaction usage on the blockchain, has decreased by 52% in the past three months, now at 8.1K USD – not a strong growth signal.
Not only are the fees reduced, but Cardano's performance on many key metrics is also at a low level.
With both the chart and the cold platform, the ability to surpass 1 USD seems difficult to achieve. What about the level of 10 USD? That is still a distant dream.
Thank you for reading this article!
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