It is evident that the market has now officially welcomed cryptozyme. The market prices of various digital assets show this. However, as expected, investors in space are wondering how long this cryptocurrency will last. Looking at previous markets, it could be that the market is long-term, but Cardana founder Charles Hoskinson expressed his thoughts on how long he believes the bear will stay.
Get ready for the months of Cryptowiner
As the prices of major cryptocurrencies such as Bitcoin and Cardano have fallen, speculation abounds about when it will hit market bottom. In general, the negative mood that overwhelmed investors in the area did not help things much because because of that, prices continue to fall. Yet that has not stopped some from trying to pinpoint when the market will reach its inevitable bottom.
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Addressing the market in a new tweet, Cardana founder Charles Hoskinson presented what he believes will happen to the market. The tweet that starts by greeting those for whom this was the first cryptocurrency also went further to put a time frame on it. For the co-founder of Ethereum, he believes this downward trend will continue for weeks to months.
“If this is your first cryptocurrency, welcome,” he said Hoskinson. “I’ve been through a lot since 2011 and they always hit like a cold ice bath. We are in panic blood in the street phase. It cleans in a few weeks or months as the bottom is found. Then a long climb up the ladder. ”
The ADA continues to suffer
Of all the digital devices that suffer from cryptozyme, Cardano (ADA) was one of the hardest hit coins. Digital assets, which reached the highest level of $ 3.10 last year after the launch of smart contract options, lost most of that value by May 2022. Data from Messari shows that digital assets are currently down 85.39% from their all-time high.
ADA trading 85% below ATH | Source: ADAUSD on TradingView.com
Once the bears withdrew the cryptocurrency below $ 0.5, it seems that all hope that they will ever return to the desired level of $ 1 has been lost. This meant that assets were now trading well below their 50-day moving average, which is an important indicator for short-term movement.
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In the long run, the ADA continues to do poorly. The feeling is now completely distorted in favor of sales, which makes this a seller’s market. ADA investors have not been spared bloodshed either, as it is now one of the worst in terms of profits, with more than 70% of investors at a loss.
Digital assets are trading at $ 0.454 at the time of writing.
Featured image from Cointribune, chart from TradingView.com