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 The post has appeared first on thenewscrypto.com
11 mins ago | 2 mins read
Altcoin News - 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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