Cardano (ADA) is showing extreme price weakness, as selling accelerated and continued to depress the price in the past day. ADA sank from the 7-cent range down to $0.062 as of 12:30 UTC on Wednesday, on accelerating volumes over the course of the past few hours.
ADA had a peak at $0.96 on January 13, and based on data from Onchainfx.com, has now lost 95% since the all-time high. ADA still retains some of the gains since it traded at $0.03 after the ICO, but that advantage is also threatened.
ADA is being sold both against Tether (USDT) and Bitcoin (BTC), showing that the project relied mostly on hype. The price losses accelerated since Bittrex launched fiat pairs for ADA this September 5.
Unfortunately, ADA prices have fallen despite the ongoing investigation of Coinbase. The research of the ADA blockchain does not guarantee a listing, but it served to prop up ADA prices for a while. However, in the short term, ADA shows a readiness for selling, based on exchange order books:
Enthusiasm for ADA was also raised by the personality of the project’s founder, Charles Hoskinson. However, that proved to be insufficient to support the price as the selling accelerated.
The ADA digital asset is now also counted among cheap assets that, if returned to their all-time highs, would ensure robust returns. ADA is also seen as a long-term risky bet, due to the relatively low price. However, it is unknown how much lower ADA could go.
Reddit users point out that the Cardano project has a long way to go to catch up with other platforms. Currently, only one team is working on the project, seeing roadblocks and problems, especially with the creation of a wallet. The Daedalus wallet is undergoing serious repairs, and the second layer of the blockchain is still non-existent.