Cardano Bulls See Glimmer of Hope Amid 80% Yearly Decline

Cardano's native token has been on a downward spiral for quite some time. Over the past year, it has collapsed by nearly 80% and its price recently hit a five-and-a-half-year low of around $0.15 per CoinGecko's data.

However, not everyone is bearish on Cardano. Analyst Sssebi predicts that the token will surge above $0.20 within a month, citing that it has reached its most oversold level in its entire history. The Relative Strength Index (RSI) dropped to 12 and now stands at around 25, which is still considered a bullish territory.

Another X user, Crypto with Haris ₿, also remains optimistic about Cardano's prospects. They claim that the token's meltdown doesn't look like the end but rather an opportunity, reminding investors that similar collapses have occurred in the past and that history might repeat itself.