Cardano’s price followed market sentiment over the past week and traded down. This cryptocurrency could see additional losses as it lost its place in the top 10 crypto-market capitalization coins.
Cardano’s price currently trades at $0.43. There has been a 6.6% and 2.2% losses over the 24 hours and 7 day, respectively. As ADA trades down, major cryptocurrencies were able to make profits and show strength against general market sentiment.
Charles Hoskinson is Celebrating, while the Cardano Price Stalls
Cardano is now in a more vulnerable position as cryptocurrency fails to take advantage of recent market events. First, is the Ethereum “Merge”, the event that completed its transition to Proof-of-Stake (PoS).
“The Merge” failed to provide bullish momentum for PoS cryptocurrencies, such as Cardano. The expected post-Merge rallies were a step ahead for Proof-of-Work (PoW), like Ravencoin and Ethereum Classic.
In addition, the Cardano network was preparing to deploy a major update on its mainnet via a Hard Fork Combinator (HFC) event called “Vasil”. One of its most important milestones since the implementation of smart contract capabilities with HFC “Alonzo”, the recent upgrade was overlooked by market participants.
Across social media, the Cardano community celebrated the network’s fifth birthday. Its inventor Charles Hoskinson posted a celebration video via Twitter, but again this event failed to provide bullish momentum for ADA’s price action. Hoskinson said the following on the network’s growth since its inception:
Cardano is home to more than 32228 smart contracts. Cardano also hosts 50 million transactions as of September 15, 2020. Where we regularly are in the top three to top five of transaction volume on a daily basis and usually are number one for GitHub commits (…)
Which Are the People Responsible for The Cardano Prices Selling Pressure?
Cardano has remained at current levels, with its bottom at $0.43 and top at $0.51. This channel was created in late August, and if bulls can defend these levels, ADA’s price might enjoy a late birthday rally and aim for $0.51 or beyond if the momentum allows it.
However, the market is showing weakness in crypto and current macro conditions making it unfavorable to risk-on assets makes it possible for ADA to break out from this channel and move lower. Cardano prices must not fall below $0.41 to avoid this.
Material Indicators’ data indicates that investors selling $1,000-$10,000 worth of ADA have been dumping it over the past week. The Cardano price is also under low buying pressure by other investors. To support the price, this status quo should change and we must aim at $0.51