Why analysts believe Cardano has 25x price potential despite recent slump

content provided with permission by FXStreet

  • Cardano price has witnessed a drop in the market-wide crypto bloodbath, posting 7.4% losses overnight. 
  • Proponents state that Cardano’s treasury has plans to build projects like algorithmic stablecoin Djed, in collaboration with COTI and ADA. 
  • Analysts are bullish on Cardano, and believe the altcoin has a 25x price potential. 

Cardano’s treasury indicates there is scope of faster and seamless development and updates in projects like algorithmic stablecoin Djed. As projects are built on its blockchain network, the altcoin has shown crucial improvements in the past couple of months. 

Cardano price could breakout soon with massive potential 

Analysts are bullish on Cardano’s recovery despite the recent slump in cryptocurrency prices. The Ethereum-killer is one of the most prominent altcoins, and its blockchain network has witnessed consistent growth in projects and updates. 

The Cardano network is currently testing its capabilities in collaboration with COTI and ADA for the algorithmic stablecoin Djed. The massive funds in Cardano treasury could be used to fund this and future projects on the network. 

There is a rise in bearish pressure on altcoins like Cardano after the recent bloodbath in the market, however, ADA price has sustained above $0.53. While most cryptocurrencies rebound from massive sell-offs, Cardano founder Charles Hoskinson is bullish on the project. 

Hoskinson says significant corrections are routine in the crypto market and mass hysteria is created, fueling a market crash. Hoskinson told his followers and the Cardano community in a YouTube video that seasoned investors should not be bothered by the sell-off in the market. 

Hoskinson believes transactions on the Cardano network would multiply 25 times by 2022. Proponents are bullish on a recovery in Cardano price and predict a massive breakout in the altcoin this year. 

@mdtrade, crypto analyst and trader believes the current outlook on Cardano is not bullish; however, there could be an explosive recovery in the altcoin.