Cardano price analysis: Is it safe to buy the ADA dip?

Cardano price crashed below an important support level on Tuesday as sentiment crashed. ADA dropped to a low of $0.3870, which was the lowest level since May. It has crashed by more than 87% from its highest level in 2021. As a result, the total market cap has plunged from over $90 billion to about $13 billion.

Why is ADA crashing?

Cardano came in the limelight in 2021 as cryptocurrency prices soared. At the time, the coin became popular as investors started comparing it to Ethereum. As a proof-of-stake (PoS), most analysts believed that it could become a better alternative to Ethereum.

However, the situation has changed since then. Most cryptocurrency prices crashed in 2022. At the same time, Cardano has not achieved a lot of success as most analysts were expecting. This is partly because at its