- ADA records persistent bearish trend despite the general crypto market uptrend
- Factors influencing ADA’s persistent price trend
Regardless of the uptrend and technical development the cryptocurrency market is currently experiencing, Cardano’s ADA is refusing to recover from its bearish state. The token is down by 97% from its high, ADA is struggling to recover than any other major cryptocurrency in the market. Currently, ADA is ranked 13 by market cap of $917.7M with a 24-hour volume of $29.75M. ADA is trading up by 1.54% over the past 24 hours.
In 2018 and 2029, XRP and Stellar’s XLM went down has the worst performing altcoin, surprisingly, the both have beaten Cardano in terms of price trend from record highs. There seem to be some recurring factors affecting the price recovery of the coin. Compared to other coins, the coin is not in demand.
Against the BTC/USD, Cardano has been unable to display high volume across major cryptocurrency exchanges. This has led to less volatility than other maar cryptocurrencies. This has so far been influencing the price of the coin.
According to a crypto trader and technical analyst, Crypto Cactus, he stated that: “This is something that I would avoid buying after it broke down from listing price it has been pretty inactive in terms of price action for the past 7 months. I see no reason to invest or trade tokens that have price action or charts that look like this.”
Cardano seems to be lagging in terms of commercial projects. With the release of the Shelley Testnet, Cardano is gradually coming into limelight. With its enthusiastic fan and active community, Cardano has a high level of GitHub commits. This shows that the network encounters several developer activities.
Factors Influencing ADA’s Persistent Price Trend
Previously, CryptoSlate stated that Shelley testnet has ten times more staking pools than TRON and EOS, showing there is a clear interest in the network.
Despite this, the price of the coin has not been influenced by the developments in Cardano’s technology and the network’s roadmap. This might be due to the absence of commercial projects and applications utilizing ADA.
Cardano (ADA) Price Today – ADA / USD
ADA is yet to recover from the abrupt surge that occurred in early 2018, where the price surged to as high as $1.25. Then the price of BTC was soaring around $20,000, within January and April 2018, the trading price of ADA decline by 90% and it has failed to recover since then.
The extent of the ADA rally and the way it declined to levels unseen since the month of release has so far left no certain technical resistance or support levels. Currently, there is no certain resistance level for ADA except at a notably higher level. This though will make it difficult for the price to recover.