Cardano is still struggling to break the $3.00 barrier, with no signs of recovery appearing in sight. Cryptocurrency analysts are waiting for Cardano bulls to show up and stabilize its price above $3 before making any final predictions on its future.
The “cardano sell the news” is a cryptocurrency that has been on a decline for quite some time. The ADA bulls are struggling to keep its price above $2.30 and this week, the Cardano Weekly will be released at 8:00 am EST.
The native token of Cardano, ADA, is now experiencing one of the worst runs of the year. The cryptocurrency, which had a relatively quiet month in October, has continued to lose momentum in the market. Last week’s overall market rally helped ADA reach a 7-day high of $2.30. After a correction that saw it dip below $2.15 on the same day it hit the week high, it has battled to stay above $2.24.
The chairman of the Cardano Foundation denies the idea that smart contracts’ late deployment has harmed the network.
The Cardano network has lately made news, with the Alonzo update in particular being a hot subject. Grayscale, a digital asset investing business, produced a paper titled “An Introduction to Cardano” at the end of last month. Cardano’s drive to do things right the first time slowed the network back, according to the report’s authors.
After four years of work, the Alonzo update with smart contract capabilities went live in September. Last week, Cardano Foundation CEO Frederik Gregaard defended the company’s choice to join the smart contracts bandwagon late. Gregaard refuted suggestions that Cardano is under attack in a conversation with Henri Arslanian of the Crypto Deep Dive Series.
The CEO said that doing things slowly and steadily was the best way to handle blockchain advancements. He went on to say that the late introduction aided rather than hindered the project’s progress. According to him, the method ensured a firm basis, which in turn gave the project life. In blockchain development, Gregaard claimed that other crucial criteria like as lifespan were more significant than the pace of delivery.
“Isn’t it true that the most significant aspect of technology for me is its dependability and resilience?” But also the potential to pass it on through the generations.”
Cardano co-founder Charles Hoskinson has said that the Cardano development team chose a “responsible,” if time-consuming, approach. “I simply happen to feel the way we do things is a little more mature and responsible because the way we do things leads in a stronger guarantee that the systems we construct won’t fail,” he said at the time, referring to Ethereum.
Bondly and IOHK collaborate on a cross-chain bridge project.
Last week on Thursday, IOHK, the company behind the Cardano network, announced a partnership that would enable non-fungible token (NFT) producers to smoothly migrate from Ethereum to Cardano. Bondly Finance, a decentralized e-commerce platform, has teamed with the business on the initiative, which is expected to be completed early next year.
The Cardano-Ethereum bridge, according to Bondly Finance, would let NFT developers leverage on better agreements. It will also provide developers with additional environmentally friendly solutions, addressing Ethereum’s high energy usage issue. The latter is intended to move to a Proof of Stake system fully, although this will not happen until next year at the earliest.
“We designed Cardano with energy efficiency in mind,” said Cardano co-founder Hoskinson, “which is why this relationship with Bondly is so important, since it will provide NFT developers access to a leading solution for token production that doesn’t compromise on environmental credentials.”
Creators will be able to transport NFT creations minted on Ethereum to Cardano using Bondly’s new feature. The bridge will eliminate Ethereum’s existing Proof of Work techniques’ energy inefficiencies and excessive transaction costs. There are fears that the bridge’s implementation will exacerbate the competition between the two blockchains.
To commemorate the debut of smart contract capability on Cardano, the NFT solution provider has promised to develop an environmentally friendly NFT collection. According to Bondly CEO Harry Liu, the initiative represents a “pivotal moment” that will “signal the next phase of NFT innovation.”
Performance of the Cardano Market
Cardano’s token is currently struggling to gain traction. ADA has been trading in the red for the previous six days and is now trading at $1.95, down 9.44 percent in the last 24 hours. The latter is the outcome of ADA/recent USD’s sharp drop, making the cryptocurrency one of the day’s biggest losers.
Weekly trading chart for ADA
The diminishing ADA-to-Bitcoin connection is a source of concern for ADA holders. Holders should keep an eye on the correlation, since additional drops might imply that any future positive price moves in Bitcoin will have no effect on the token. Despite the fact that it is now trading sideways and has a short-term negative signal, the prognosis is not doom and gloom.
Cardano has a chance to survive this difficult period if bulls can drive its price back to the $2.15 levels it was at before it collapsed. Low selling volume supports this prediction, indicating that the token might be on the verge of reaching $2.40.
Cardano has been on a decline for the past week. The price of ADA has dropped from $2.30 to $1.96 in just one day, which is a drop of nearly 20%. Reference: ada price fall.
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