Down 70% from all-time highs, can this crypto token rebound anytime soon?

economictimes.indiatimes.com:

Cardano (ADA) once again breached the $1 mark on Monday. It is the second corrective phase wherein the token has slipped below this level. The first was during the correction it saw in February this year. Support of hip hop star Snoop Dogg failed to lift sentiments on the token. The global music artist has launched an NFT collection on the Cardano Blockchain with Clay Nation. The crypto token has lost more than 70 per cent of its value from its peak of $3 scaled in November 2021. On Monday, it plunged 9 per cent to $0.8777 from $0.9615 within a span of 24 hours, with the total market cap of Cardano slipping below $30 billion, Coinmarketcap data showed.

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The fall in the token prices has dwindled down its position to the eighth largest crypto token from the fifth earlier. On the other hand, the volumes of the token have rallied about 90 per cent as tokens worth $0.84 billion exchanged hands in the last 24 hours. «Cardano is facing the heat from Bitgert, whose prices are skyrocketing as the Bitgert BRC20 blockchain is more powerful than the Cardano chain,» said Raj A Kapoor, Founder, India Blockchain Alliance. The total supply of Cardano is capped at 45,000,000,000 ADA tokens, of which 75 per cent or 34,277,702,082 ADA tokens have already been mined and are in circulation so far. Compared to 186,000 wallets in December 2020, there were over 3.2 million wallets on the cryptocurrency's network in the first quarter of this year, WazirX said in the note. «While ADA is currently much lower than its all-time high, whales owning more