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Last Time Sentiment Around Cardano Was This Negative, ADA Surged 25%

Thu, 07/14/2022 - 10:12
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Gamza Khanzadaev
Cardano (ADA) has history of rising against extremely negative sentiment
Last Time Sentiment Around Cardano Was This Negative, ADA Surged 25%
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The extremely negative sentiment around Cardano (ADA) could soon lead to a significant increase in the token's price, according to Santiment. Based on data from a crypto analytics agency, a significant drop in the price of ADA in 2022—about 70%—has caused an extremely negative reaction from the crowd and, as a consequence, further exacerbated the fall in quotations.

The level of negativity experienced by Cardano (ADA) is comparable to that of January 2022. What is interesting is that then ADA, oversold by upset investors, managed to show significant growth of 25%. The crowd then turned highly optimistic toward Cardano, and the token continued to fall again.

Cardano (ADA) price review

Now the ADA, having fallen into the $0.6-$0.42 range in early May, is trading at a strong support level, which is the lower boundary of the aforementioned price corridor.

Source: TradingView

The $0.4 per ADA level was last crossed in February 2021, which means that all of the growth from then to now has been erased. Is this a good time to add ADA tokens to your portfolio? Perhaps, given the cited statistics from Santiment and the soon-to-be-implemented Vasil hard fork, the massive long-anticipated update of the Cardano network. However, it is more prudent to keep your stop loss close so that, in case the $0.4 level is breached, your funds will not be in free fall.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.