Chart for ADA/USD (1W)
Cardano (ADA) has finally broken a historical downtrend and started a new cycle. This is a major achievement for Cardano (ADA) considering its aggressive correction left a lot of investors clueless as to what might be the future of this project. Cardano (ADA) received a lot of hype last year which soon put it in the top 10 league. However, as we have seen in the past, usually after a correction, new projects replace old projects in terms of ranking. For instance, once overhyped coins like Stratis, Factom and Augur are not so hot anymore. In fact, most new cryptocurrency investors may have not even heard of them, but there was once a time when these cryptocurrencies were a part of every altcoin investor’s portfolio.
The price of a cryptocurrency is not often a true reflection of its actual value. This was also the case with Cardano (ADA). When Cardano (ADA) entered the top 10 league and it was one of the hottest investments around late 2017, debates regarding its actual value started to rise. Some investors believed Cardano (ADA) was really undervalued and others thought it was really overhyped. The number of investors or analysts who believed it was somewhere in the middle was very low. This was because Cardano (ADA) was and still is shrouded in different layers of mystery. Investors like to believe it is a wonderful project but they cannot really explain how exactly.
Chart for ADA/BTC (1W)
One thing is clear and that is that Cardano (ADA) derives most of its popularity and hype from two key names associated with the project: Charles Hoskinson and IOHK. Both of these names are also associated with Ethereum Classic (ETC). So, people who know enough about Charles Hoskinson or IOHK are inclined to believe that Cardano (ADA) is a great project even if they do not know much about it. I used to be one of those people. Charles and IOHK have achieved so much and they are one the major driving forces in the blockchain space. If it were not for them, we would have people like Dan Larimer and a race for useless products and upgrades just for public consumption. Charles Hoskinson and IOHK on the other hand are focused on real work and sustainable products instead of creating useless shiny products one after the other.
Cardano (ADA) might have been overvalued at the top even if majority believed otherwise. However, the fact remains that is a long way from the top and is now just above its all time low, looking to begin a new cycle. There should be absolutely no doubt that Cardano (ADA) is definitely undervalued at this price and has a lot of room for growth considering everything that the team has been up to. For people who want to invest in the future, cryptocurrencies like Cardano (ADA) is one of the safest bets. Projects like Ripple (XRP) or Eos (EOS) may have a lot more room for short term gains but their future remains uncertain.
The post Cardano (ADA) Finally Breaks Downtrend To Begin A New Cycle appeared first on Crypto Daily™.