During the first four months of 2023, Cardano (CRYPTO: ADA) seemed to be on a roll, up more than 80% at one point. But things have turned south in a major way recently, with the price of Cardano dropping more than 20% over the past week. Cardano is now down almost 30% over the past 30 days and trades for just $0.26.
Against this backdrop, it's fair to ask: Can Cardano ever regain a $1 price? If Cardano is going to rise fourfold in price, then a lot obviously has to go right. Here's a closer look at three key factors.
First and most importantly, Cardano needs to get a handle on potential regulatory action that could be coming from the Securities and Exchange Commission. At the beginning of June, the SEC named Cardano as one of the unregistered securities that cryptocurrency exchanges Binance (CRYPTO: BNB) and (NASDAQ: COIN) were offering for sale to customers. And since then, the price of Cardano has taken a nosedive. Cardano rarely has the types of volatile single-day price swings associated with other cryptocurrencies, but in the span of just 24 hours, the price of Cardano cratered by 20%.
Source Fool.com