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Cardano has retreated by 90% from its all-time highs – Can it turn around?

Cardano (ADA) has officially entered the bear market. The coin has been on a downward retreat for the last few months. Although there have been cases where it has rallied slightly, overall, the price action has remained quite suppressed. Here are some key facts:

  • Cardano has lost over 90% from its all-time highs in 2021

  • The coin has also fallen below the crucial $0.5 support level

  • ADA however still has a lot of potentials and could hit $10 by the end of the year

Data Source: TradingView 

Cardano: How feasible is $10

For ADA to hit $10 by the end of the year, the coin will need to grow by 20x in six months. While this may seem like a pipe dream owing to the slow sentiment in the market, it’s actually not unprecedented. 20x growth in crypto is after all something quite common. 

However, things will not be that simple for ADA bulls. But, it is clear that the coin is heavily undervalued. For example, even though Cardano continues to report significant growth in its ecosystem, the coin has failed in the past few weeks to cross above $1. Besides, the general weakness in the market appears to have taken its toll on many large-cap coins.

As soon as sentiment starts to turn around, we expect ADA to fully rally. It is likely that a change in investor sentiment may come in the second half of 2022. Even if ADA doesn’t hit $10, the possibility of 10x growth is still high.

Why you must buy Cardano now

The thing about Cardano is that it still has so much to offer. The coin will probably take months to achieve its true potential. 

But if you don’t mind holding it for long, then returns in a year or so could be massive. The $0.4 price right now is probably the cheapest ADA will get.

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Terra Classic (LUNC) crashes by nearly 80% barely hours after its airdrop

The month of May was dominated by news of LUNA’s crash. This came after its dollar-pegged stablecoin UST fell by nearly 90% against the dollar. In an effort to relaunch Terra and stop the bloodbath, the Terra community announced a rebrand. But Terra 2.0 has not been as successful as expected. Here are the points:

  • Terra classic lost nearly 80% of its value shortly after it announced its airdrop

  • The coin managed to recover slightly but still remains in the red.

  • More volatility is expected on LUNC over the coming weeks.

Data Source: TradingView 

Terra 2.0 – Can it woo investors?

The 80% drop shortly after launch is of course a bad sign for Terra 2.0. But this is not really the end of the world. In fact, because of high volatility in the market and slowing investor sentiment, it was largely expected that Terra 2.0 will face challenges. The good news though is that despite the drop, LUNC showed some signs of recovery. 

The coin appears to be consolidating and settling in between $4 and $6. Also, LUNC has managed to keep the market cap way above the $1 billion mark. We expect the price to continue stabilizing in the days ahead before it establishes a trend. 

After that, LUNA will start to rise and fall in line with price movements in the rest of the market. Eventually, the coin could touch $10 in a few weeks as investors start to buy into the idea.

LUNC’s long term prospects

Rebranding Terra is a big first step. It means that the people behind the project are committed in the long term. We do not think Terra 2.0 will be as big as the original Terra. 

After all, this was a project that once had over $20 billion in market cap. But it is likely that Terra 2.0 will settle at $5 billion in value in the near term.

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High Volume Breakout could see sandbox hit $2.6

The Sandbox (SAND) has remained down for the best part of two weeks. Although there are some cases where the coin showed some bullish signs, most rallies have been “fakeouts”. But there is a real possibility that SAND could in fact rally further over the coming days. Here are some notable highlights:

  • Any SAND breakout will need to be accompanied by high trade volumes

  • The coin could realistically hit $2.6 in a decisive run

  • However, there will be many volatile moments in between

Data Source: TradingView 

The Sandbox and its road to $2.6

It was just a few weeks ago when SAND was trading at well above $5. The coin has however seen a major sell-off as investors intentionally stay away from metaverse coins. But this downside has presented the perfect dip for long-term SAND buyers.

The coin has already bottomed, and it has a real chance of surging past $2.6 in the near term. But this will not be easy. In fact, for SAND to hit $2.6, it will need to surge by a whopping 100%. Under current market conditions, this may appear quite unlikely.

However, if we start to see increased trade volume on SAND, then a decisive run towards $2.6 will no longer be a pipe dream. It is likely that SAND will undergo a period of volatility before it touches $2.6. There will be bull runs and corrections in between. But eventually, with increased volume, $2.6 will happen in a few weeks.

Why should you buy SAND now?

The Sandbox is no doubt one of the most recognizable metaverse projects. Yes, it has dipped severely in 2022, but its underlying fundamentals still remain very robust. 

SAND will likely end the year in double digits. Buying at the current price of $1.3 is, therefore, a big discount.

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