Has Cardano Hit it’s Bottom?

Cardano price has approached a potential turning point following a month of underperformance.

ADA recorded a monthly low, and a technical indicator is signaling a local bottom.

However, indecision continues to mount for Cardano for the time being.

At the the time of this writing Cardano (ADA) is at $1.18, it’s lowest since April 26th. Which I find particularly unusual considering they have moved into a new stage of their Alonzo testnet. The Alonzo mainnet is just around the corner and suppose to go live in September.

Yet, Cardano has failed to hold a $1.50 support, technical indicators are pointing toward a trend reversal in the future. Cardano price seems to have reached a technical bottom. Cardano may be to be headed for a trend reversal, the Momentum Reversal Indicator (MRI) showed two consecutive buy signals. 
Hopefully, reversing the the current underperforming bearish trend.

Along with the current technical signals there in the coming months the mainnet will go live. When people can use the network for things other than just sending ADA back and forth. There are exchanges, wallets, and NFT projects soon to go live on Cardano. When people are able to see what the dapps on Cardano has to offer plus low transaction fees, it could easily hit a $300 million market cap making it $10. My personal prediction is a $5 dollar ADA at the end of 2021.

I guess only time will tell. It’s very possible, it could continue to drop but I think that is highly unlikely with projects like CardStarter, GeroWallet, and SundaeSwap .