Santiment makes favorable predictions for Cardano
Santiment, a leading market intelligence platform that tracks the activities of the top 2,000 cryptocurrencies, noted that the current capitulation of Cardano (ADA) may soon result in a price rebound for the asset class.
The cryptocurrency data analytics company made the comments following the growing negative sentiment that has trolled Cardano in recent times. According to Santiment, investors currently have a total weighted sentiment of 0.3012 for Cardano’s native cryptocurrency.
ADA’s Unfavorable Price Movement Hurts Investors
ADA’s current price has not brought much joy to many investors who had high hopes for the cryptocurrency earlier this year. The digital currency has slumped 86% since it peaked at an all-time high of $3.09 in 2021.
The massive ADA dip is due to the numerous political and economic events that have occurred since the beginning of the year. It is worth noting that ADA is not the only cryptocurrency that was affected by these events. Somehow, investors have vented their anger at ADA, leading to widespread capitulation.
Many investors thought the Vasil launch would be capable of causing the price of ADA to rebound. However, Vasil’s deployment was not enough to bolster ADA prices. Thus, leading to major crowd pessimism for ADA, Santiment said.
EOS and Tron Also Affected
Santiment also observed a similar development for EOS and Tron.
“#Cardano, #EOS, and #Tron are 3 once popular assets that have had trading crowds begin to turn on them,” Santiment noted.
However, Santiment believes things might soon change for Cardano, which will propel its price to bounce back.
“Price-performance has been particularly rough for these three in 2022, and the capitulation may soon lead to price rebounds to reel them back in,” Santiment added.
😠 #Cardano, #EOS, and #Tron are 3 once popular assets that have had trading crowds begin to turn on them. Price performance has been particularly rough for these three in 2022, and the capitulation may soon lead to price rebounds to reel them back in. 🎣https://t.co/aUn68ATVEw pic.twitter.com/fY7cXogli0
— Santiment (@santimentfeed) October 5, 2022
At the time of writing, ADA is trading around $0.43, according to Coingecko data. The cryptocurrency is up only 1% in the past 24 hours. Since the beginning of the year, ADA has shredded 67.1% of its value.