A believer of Cardano stated, and look around, there is no second best in the industry. Everyone else will play catch up. As Michael Porter wrote, it’s impossible to copy everything so it’ll be hard for a competitor to catch up.
The overall cryptocurrency space is bearish. No developments or announcements are going to help improve ADA’s price for now according Charles Hoskinson. Several cryptocurrencies registered top levels in 2021. However, now in 2022 most of the cryptocurrencies are very far away from their best price levels.
The pandemic helped improve awareness and adoption, but the Ukraine-Russia war added fuel to the burning financial crisis and there seems to be no sign of kindness in cryptocurrency market and the prices are not doing great.
Charles Hoskinson said, “Yes, it’s called a bear market. That’s what happens. Nothing changes it. No announcement makes a difference. Cardano could cure cancer[…] give you a personal poker-playing robot that also drives grandma to church on the weekends, and we’d still fall.”
Technical indicators confirm that the price of ADA is failing miserably. The bull market stopped in July 2021. And the trend changed. A 40% crash is anticipated. Fibonacci, Ichimoku, and Volume Profile perspectives all confirm a major crash for ADA. The price is expected to go way down to $0.50. If the price of ADA would spend a sustained period time in the $0.76 range a major flash crash is sure fire. If bulls should kick in Cardano price should sustain at $1.05.
Despite the bearish trend whales who know why it is good to buy when the market is in the blood are entering the cryptocurrency space and they are hoarding and diversifying their cryptocurrency portfolio with different asset types.
When a market-wide crash drives the price down, it is time for the whales to buy and they know it works for good when the market recovers.
The price of Cardano is not directly indicative of the usefulness of the different projects happening in the Cardano blockchain.
Charles Hoskinson: “That feeling you get when you’ve gotten all the fundamentals right and your protocol keeps getting faster, more decentralized, community growth, and continues to be the most advanced technology.”
Cardano is an open platform that seeks to provide economic identity to the billions who lack it by providing decentralized applications to manage identity, value and governance. They are working in a strategic and consistent manner to keep up with their vision and mission.
Moral of the story: If you only measure success by the Price metric and nothing else then Crypto is not for you.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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