A bearish trend may be seen in the Cardano price analysis. The coin has been trending lower for the past two weeks, but the bulls have attempted a recovery in the previous two days.

Today, however, bears are once again driving the price function, as a price fall has been noticed. 

Cardano price fell steadily during the first four hours of today’s session, but then slowed down in the downtrend for the next four hours, indicating that the damage was smaller for that time period. 

Cryptocurrency analyst GertvanLagen assessed the Cardano price trend and concluded that ADA is currently in the 1-2 correction of a 4-5 wave cycle. If the ADA price fails to hold at support, it is likely to fall even lower. 

$ADA [1W]: Currently price is in the 1-2 correction of the 4-5 wave of this cycle.

Currently there is a wrestle between key support determined by corrective ABC (purple) and key resistance determined by the 0-1 wave(blue).

If failing at support price might wick to lower fibs.

— Gert van Lagen (@GertvanLagen) November 20, 2021

Cardano fails to outperform ETH

Proponents expect Cardano to recover from the price decrease as the Hydra upgrade approaches. Cardano’s on-chain activity, on the other hand, has decreased, and it is now lower than layer-2 scaling solutions. When compared to the top 30 cryptocurrencies, the Ethereum-killer is underperforming. 

Despite an increase in the percentage of Cardano tokens staked, interest from retail and institutional investors is dwindling. According to CoinShares data, the year-to-date (YTD) inflow of institutional capital into Cardano is $108 million.

Inflows into Ethereum and Solana have outpaced those into Cardano year to date. 

Cardano dominated institutional inflows a week ago, according to CoinShares, with no clear catalyst. When compared to the first half of 2021, the influx has decreased dramatically. 

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.