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\n\t\t\t\t\t\t\t\t\tADA is down by 30% in the past week alone, but can it get much worse?\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
In such times of distress, in which the broader crypto market has experienced a sudden and painful decline, Cardano\u2019s co-founder decided to take a break after a short and bitter announcement on X.<\/p>\n
Charles Hoskinson\u2019s decision only worsened<\/a> ADA\u2019s positioning, as the asset tumbled by double digits on Friday and dumped below $0.19 at the time. It kept plunging in the following hours and slumped to under $0.16 later that day, which became its lowest price level since December 2020. The question we asked ChatGPT\u2019s latest version is how low the token can go now.<\/p>\n The numbers paint a clear story for ADA. At one point on Friday, it was down by 14% on a 24-hour scale. The weekly losses are up to 30%, while the monthly decline is at 40%. The macro view paints an even more catastrophic picture, with a 75% value reduction in the past year and a whopping 94.7% drop since its all-time high seen in September 2021.<\/p>\n As such, Hoskinson\u2019s move expectedly caused a lot of controversy immediately, with the social media comments exploding<\/a>. A few praised his decision, others doubted it, and some lashed out.<\/p>\n ChatGPT reassured that Hoskinson has not resigned from Cardano, but the timing matters. His announcement came shortly after the shutdown of major ecosystem participants, the cancellation of Cardano\u2019s flagship summit, and public warnings that additional projects and DeFi applications could disappear before the end of the year.<\/p>\n \u201cThe market is treating the move as a vote of no confidence. Whether that interpretation is fair or not is almost irrelevant. Crypto markets are driven by narratives and the current dominant one is that Cardano\u2019s ecosystem is shrinking while competitors continue to attract developers, liquidity, and users,\u201d the AI stated.<\/p>\n<\/blockquote>\n After acknowledging that ADA has already erased years of gains with its drop below $0.17, ChatGPT warned that it could still have room to fall if sentiment continues deteriorating.<\/p>\n Its bearish scenario envisions another leg down, perhaps toward $0.12. If that level cracks, then Cardano\u2019s native asset could be on the way down to even under $0.10. Extreme capitulation sees a decline to $0.08, while the \u201cnuclear scenario\u201d from the AI platform outlined $0.05 as the lowest target.<\/p>\n \u201cFor ADA to trade below five cents, Cardano would likely need to enter a prolonged death spiral involving developer departures, collapsing liquidity, and a broader crypto bear market,\u201d it concluded.<\/p>\n<\/blockquote>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\nConsequences for Cardano and ADA<\/h2>\n
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So, How Low?<\/h2>\n
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