Cardano Investors Brace for More Pain This Week: Is $ADA's Fall Over?

Cardano ($ADA) investors are facing a turbulent week as the cryptocurrency continues its downward trend. After the crypto market faced a sudden and massive sell-off this week, Cardano (ADA) experienced a sharp decline, and analysts predict more potential losses.

Cardano ($ADA) Drops Below $0.7: What's Driving the Decline?

Cardano ($ADA) is now trading at $0.66, down 25% this month. Several factors are contributing to this slump, including weak network activity and bearish technical signals driving further losses. The Cardano (ADA) remains one of the hardest-hit cryptocurrencies, even before the bear market was officially in full bloom.

The digital asset which had seen returns higher than many other cryptos, has drastically reversed course. Cardano is in freefall, shedding nearly 10% in the last 24 hours and extending its 30% correction over the past month. Despite the sharp drop, trading volume has not indicated a potential bottom.

Majority of Cardano Holders Still Underwater

The Cardano profitability has remained low since the market crash and even with the market recovery, the majority of investors are still underwater on their investments. This raises serious concerns about the long-term prospects for many $ADA holders.

Despite the crypto market recovery, a large number of Cardano holders are still nursing losses, leading to speculations as to why this is the case. Data from IntoTheBlock highlights the ongoing struggle for Cardano investors.

Can Cardano Recover?

The future remains uncertain for Cardano. While some analysts predict a potential rebound, others suggest that further pain is inevitable in the short term. Investors should exercise caution and conduct thorough research before making any investment decisions regarding Cardano ($ADA).