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Over the past two days, the value of the popular digital asset Cardano (ADA) has increased markedly, from $ 0.48 (May 30) to $ 0.68 (May 31). Despite the fact that many traders took this news quite positively, some experts are confident that the 45 percent price rebound could become nothing more than a bull trap.
In fact, the assumptions of experts were very quickly justified, because today, June 1, the cost of ADA lost about 13% of the previously reached weekly maximum. Such price vibrations are very worrying for users, every day it becomes more and more difficult for them to predict the future fate of the Cardano project. Most of all, the crypto community is concerned about whether in the future the ADA coin will be able to recover at least a little, given that now its value is below the peak figure ($ 3.16), recorded in September last year by 80%.
Not all analysts dared to comment on the current situation around the ADA, since now it is impossible to make any forecast and be sure of it until the end. The initiative was shown only by SeekingAlpha experts, who in their latest Digital Trend report called the constant jumps in the cost of ADA nothing more than a bull trap.
“A similar situation, which is unfolding around the ADA now, we had the opportunity to observe in March. Then this altcoin without any prerequisites, suddenly rose from $ 0.80 to $ 1.24. Such jumps look like a fake, all this is very suspicious and not plausible, “the report says.
According to experts, in addition to the general unstable situation in the market, there are some other factors indicating the onset of a bear period in the Carnado ecosystem.
“On June 1, 2022, the US Federal Reserve will begin to promote its portfolio, the size of which exceeds the mark of $ 9 trillion. This will certainly become one of the obstacles on the way to recovery for risky cryptocurrencies, the list of which now includes ADA, “experts emphasize.
Despite the fact that analysts still adhere to a more negative scenario regarding the short-term recovery of ADA, there is still hope for price growth. The only thing, according to experts, that will be able to help the Cardano project is the “unquenchable” activity on the part of the bulls, they say, if they do not retreat from their previous positions, then the ADA cryptocurrency at the end of July will be able to rise by 25% in price, to $ 0.77.
Recall, earlier we reported that the digital asset ADA has reached a peak value over the past two months.
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