- Ethereum and Solana have outpaced Cardano year-to-date.
- Cardano (ADA) is now in the 1-2 corrective phase of a 4-5 wave cycle.
The price of Cardano is showing a downward trend, according to the assessment. For two weeks, the currency has been trending lower, despite attempts by the bulls to rally the market back. On the other hand, Bears are driving the price function right now since prices are decreasing rapidly.
Cardano’s price dropped considerably for the first four hours of today’s session but slowed over the next four hours, indicating that the cryptocurrency is suffering minor damage. Cardano (ADA) is now in the 1-2 corrective phase of a 4-5 wave cycle, according to cryptocurrency expert GertvanLagen. If the ADA is unable to maintain public support, it will very definitely fall much further.
$ADA [1W]: Currently price is in the 1-2 correction of the 4-5 wave of this cycle.
Currently there is a wrestle between key support determined by corrective ABC (purple) and key resistance determined by the 0-1 wave(blue).
If failing at support price might wick to lower fibs. pic.twitter.com/vnKBwA9tY4
— Gert van Lagen (@GertvanLagen) November 20, 2021
Hydra Update Awaited
Cardano advocates expect that the price of the cryptocurrency will grow as the Hydra update approaches. However, Cardano’s on-chain activity has slowed to a level below that of layer-2 scaling solutions, and Ethereum-killer is underperforming compared to the top 30 cryptocurrency exchanges.
Despite a jump in the number of Cardano tokens staked, enthusiasm from retail and institutional investors is waning. According to CoinShares data, Cardano’s total amount of institutional money so far this year is $108 million.
Ethereum and Solana have outpaced Cardano year-to-date, according to CoinMarketCap. According to CoinShares, Cardano was the cryptocurrency with the most institutional inflows last week. Since the first part of 2021, there has been a significant slowdown in immigration. According to CoinMarketCap, the ADA price today is $1.80 USD with a 24-hour trading volume of $1,481,480,658 USD. Cardano has been down 4.13% in the last 24 hours.
The post has appeared first on thenewscrypto.com