Cardano, ever since its launch, has constantly made it to every discussion about cryptocurrencies. A slow, but steady rollout of features released based on proper research and an ecosystem that supports formal verification over hype, Cardano has been different from other blockchain projects.
After the bull run of 2021 and the long crypto winter that followed, one question lingered among the investors: Is ADA set for a major resurgence? The answer is yes, but the execution, macro markets, and competition still matter.
In this article, we will be taking a look at why a comeback is possible for ADA and what could probably derail it.
What Is The Current Status Of Cardano?
Currently, Cardano is at a price of $0.43, up by 3% intraday, which is way below its all-time highs, but ahead of other smaller altcoins in terms of adoption metrics. While price alone doesn’t convey the entire story, it offers the context that Cardano is a large-cap network that needs real utility growth to push its market cap materially higher.
Over the first week of December, ADA has been struggling to hold key support levels while maintaining the trading volume with slight fluctuations. Despite having a higher ratio of bullish votes, the price has stayed relatively low, making the market sentiment uncertain. Compared to other altcoins, ADA is showing a slower performance, mainly as a result of macro uncertainty and the cautious approach of the investors, inhibiting a stronger recovery.
ADA is continuously showing a low performance, trading way below its 20, 50, 100, and 200-EMA, suggesting that the coin is following a bearish structure. The recent drop in the price indicates that the seller is still in control, and the slight increase to $0.43 suggests the attempts of the coin to stabilize its value. Experts state that until Cardano reclaims its past glory, with price staying between $0.50 – $0.90 EMA cluster, any increase is more or less likely to be a corrective step rather than an actual change in the trend.
Will Cardano Be Able To Surpass Ethereum by 2030?
While it is possible for Cardano to surpass Ethereum, it is unlikely to happen, and would require a long list of conditions and events to fall in place. Currently, Ethereum’s market cap sits around $456.4 billion, while Cardano’s is roughly around $22.3 billion. These numbers indicate that ADA requires a massive increase in its price, or ETH should have a dramatic collapse, for Cardano to surpass Ethereum by 2030.
With that said, it is also important to mention that Cardano is not a contender with zero probability. Some scenarios, like Cardano emphasizing on adoption of real-world use cases, Hydra or other rollups having a low-cost yet secure execution, along with a strong UX, creating significant improvements in tooling used for migration, all can contribute to a better growth of the blockchain.
Can Cardano Recover From Its Current Fate?
While Cardano might be able to recover, it is disrupted mainly by DeFi traction and deeper user engagement. The liquidity and on-chain activity should be reignited for ADA to have a meaningful recovery. Without consistent activity happening in the ecosystem, even Cardano’s strong technical foundation may struggle to make a proper comeback.
While Cardano isn’t essentially dead, it is currently passing through a difficult transitional stage. The project still has an active community, strong progress in development, and a long-term vision. The challenge now is converting these strengths into a real-time impact that can support the next phase of its evolution.
Why Does The Bullish Case Of Cardano Have Potential?
Cardano’s potential recovery is based on how well it can meet some of the strong bullish foundations. If it continues to advance its roadmap, emphasizing scaling, governance, and real-world utility, the project has a huge probability of making a recovery. While Cardano is still in a challenging phase, its active community, steady development, and long-term vision give it a solid base from which a meaningful comeback is still possible.
Final Words
While Cardano may be weak right now, it has great potential for a comeback, with a clear roadmap focused on all the right pain points, along with active support from the foundation, and signs of increased inflow of on-chain activity.
Though it might be able to make a return, the execution of the roadmap and high levels of competition in the market stand as a hindrance in the way of Cardano in reaching its goal. Right now, Cardano shows a more or less credible reputation in terms of renewed growth; however, there’s no certainty in that aspect.
