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Generally, most cryptocurrencies are not experiencing a good weekend. Friday’s sales triggered negativity. Bitcoin price lingers around the $66,000 region as of writing, and altcoins are painted red. However, things are a bit more complicated for Cardano (ADA). So, what do current data tell us about ADA Coin?
ADA Coin Criticisms
Although Cardano gained smart contract capabilities at the end of 2021, it has yet to deliver on expectations. There are no massively popular applications on the network, Hoskinson is still preoccupied with thousands of topics beyond Cardano, and the price is below one dollar. Cardano’s founder is constantly criticized for his year-round private jet trips and wasting time on irrelevant matters.
The network is not developing as fast as expected, and it has not been able to attract the desired level of developers. Moreover, despite the long time that has passed, DJED, which created excitement due to its potential to reduce ADA Coin‘s circulating supply, has not delivered as expected.
When you focus on the empty side of the glass for ADA Coin, it becomes seriously difficult to see the full side. This failure or disappointment is definitely a team effort, from its founder to the network developers.
ADA Coin Predictions
Looking at the full side of the glass, the number of wallets on the network climbed from 533,000 to 618,000 due to new investors entering cryptocurrencies and the potential Cardano network airdrop frenzy. Let’s make a small comparison: recently, the Solana network surpassed 800,000 in daily active unique users. So, the size of the full side also depends on who we compare Cardano with.
If we return to price performance, the BTC decline is a clear negative for ADA Coin. Moreover, the price, which struggled above $0.7, has now retreated to $0.66, and this rapid loss of hard-earned gains is also negative.
For ADA Coin, deeper corrections can be expected if closures below $0.63 start in the next few hours. The current outlook is not very promising for investors. The $0.58 and $0.48 range represents emergency supports that can be reached with extreme selling.
If the BTC price closes below $65,000, the motivation to avoid risk among ADA Coin investors could intensify.
