Investors Abandon Cardano For New Ethereum Token
A journalist and copywriter with a decade's experience across music, video games, finance and tech.
Cardano’s ($ADA) popularity among investors continues to diminish in the face of stiffening competition among layer 1 projects.
Cardano failed to rally with various other market leading cryptocurrencies over the last week and now enters the weekend virtually unchanged from last week at $0.3473.
Once one of the ten biggest cryptocurrencies by market cap, Cardano’s decline began end of this summer when a spate of new developments over on Justin Sun’s TRON ($TRX) network, alongside similar developments on Toncoin ($TON) propelled both competitors to flip it out of the top ten.
Cardano’s lagging gains come as market leaders Bitcoin ($BTC) and Ethereum ($ETH) added 11% and 9% respectively over the week.
Cardano’s highest price in the year-to-date so far was $0.77 set back on March 14 this year when crypto markets were buoyed by the launch of SEC-approved Bitcoin ETFs back in January and anticipation for the Bitcoin halving in April.
However, since then, Cardano’s most recent resistance level appears to have formed at $0.40.
Over the last three months, Cardano has found strong support, around $0.33, but its current price, alongside a falling relative strength index of 50, indicates that the coin is now in danger of losing its current foothold.
Should that happen, two $11 billion market cap coins—layer 1 competitor Avalanche ($AVAX) and Ethereum meme coin Shiba Inu ($SHIB)—could flip the now-$12 billion cap Cardano.
Nowadays, Cardano is struggling to keep pace with developments happening over on its closest rivals Solana, Tron and The Open Network ($TON), all of which are constantly announcing innovative new partnerships and gaming
Read more on cryptonews.com
