Cardano (ADA) Burrows to New Lows Under $0.30
The promising startup continues to slide in price long after the traditional January selling, raising questions of a potential rebounce.
Cardano (ADA) was the biggest loser in the CoinMarketCap top 10 at the beginning of March. The coin, which appreciated by leaps and bounds, has not attempted to regain the $1 levels, and may be set for a continued slide or stagnation.
In November, when the first rapid appreciation started, Cardano was seen as a project potentially displacing Ethereum. However, Ethereum took years to get to its current levels of technological influence and price levels. In the case of Cardano, a still-early project, this meant there was little to support the price spike.
Now, trading volumes keep to the lower side, and the price has been relatively flat after unwinding from the levels above $1. ADA is still a top 10 coin, but despite the visibility, its price levels proved unsustainable. But it is precisely the low prices that may turn the spotlight on ADA once again, as it is seen as a buying opportunity, with more to come as the year progresses.
For others, however, the Cardano project failed to deliver, despite the short time span, and some were angered by the big losses:
Before you work on a cryptocurrency, make sure you understand the amount of personal attacks, character defamation and FUD you'll endure. Literally everything you do will be wrong in someone's eyes and you're responsible for things beyond your control. pic.twitter.com/TtgGI6drAm— Charles Hoskinson (@IOHK_Charles) February 28, 2018
Because of the rather fast listing on Bittrex, the ADA asset turned into a speculative coin, which caused the price to rise way ahead of the project's actual achievements. Now, ADA is starting to be seen as an underpriced project for longer-term gains. A few days ago, the ADA asset was listed on HitBTC as well, inviting further speculative trading. But at this point, general price pessimism has grasped the markets, including Upbit where ADA trades against the Korean Won.
Yet there are signs that the Cardano project is still busy building a strong community:
In case you missed it, we had a great turnout at last week’s meetup! Watch the video here: https://t.co/gQtY1jGnpV— Cardano Community (@cardanocom) February 28, 2018
We also met with @ldnlabs - an initiative of University societies in London looking to connect students, academics and entrepreneurs with blockchain technology.
Engaged users are one of the positive signs around a project, which in the longer term help with popularization, and don't rush in to sell quickly.