Cardano (ADA) Price Plunges, Analyst Predicts Corrective Phase!
- Retail and institutional investors are losing interest in cryptocurrency.
- If the ADA price falls through the support level, it may fall much more.
Despite being labelled the Ethereum killer, Cardano has lately experienced a decrease in its volatility. Recently, Ethereum scaling solutions and layer-2 protocols like MATIC and Avalanche outperformed Cardano.
Cardano supporters foresee a resurgence in the cryptocurrency as the Hydra upgrade approaches. Cardano’s on-chain activity has decreased, and the cryptocurrency is falling farther behind layer-2 solutions. The Ethereum-killer is underperforming when compared to the top 30 cryptocurrencies. Despite a rise in the number of Cardano tokens staked, retail and institutional investors are losing interest in cryptocurrency. CoinShares reports that institutional investors have put $108 million into Cardano so far this year.
According to CoinShares, Cardano was the most popular cryptocurrency among institutional investors last week, despite the lack of a clear catalyst. Since the first half of 2021, the number of people arriving has decreased considerably.
Low Volatility
On November 19, 2021, proponents predict a decrease in the volatility of the ADA price. Bitcoin and Cardano, among the top five cryptocurrencies, have the lowest volatility of any of the coins. Low volatility, traditionally associated with a downtrend in the crypto market.
According to cryptocurrency expert @GertvanLagen, the ADA cryptocurrency is now in the 1-2 corrective phase of the 4-5 wave cycle. If the ADA price falls through the support level, it may fall much more.
According to CoinMarketCap, the ADA price today is $1.87 USD with a 24-hour trading volume of $1,262,115,297 USD. Cardano is down 0.40% in the last 24 hours with a market cap of $62,363,366,302 USD.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
