I know there is a lot of optimism that ADA is at a bottom and a major bounce to $1.70, $2.40, and $3.10 is around the corner.
Unfortunately, the signals for these scenarios are very weak. Instead, we have a project that is retracing after a major pump
in 2021. It soared way too high and is still falling back to earth. The declining MFl and weak upswings followed by further declines are evidence enough that ADA is not in great
demand and price will continue to suffer. The $1.10-$1.20 range has historical support which is keeping price afloat for now, but this level is a mental mirage. All cryptos eventually require fundamental analysis to justify their price. Cardano is fundamentally way over valued. Any rational person knows
this.
