Cardano’s $ADA Tumbles Harder Than Market Leaders – What’s Really Going On?
Cardano’s $ADA is today performing the worst among the 15 biggest cryptocurrencies by market capitalization.
In the last 24 hours, $ADA has shed 4% of its value. At its current price of $0.3162, $ADA is now about 10% lower than it was this time last week.
This makes for some of the stiffest intra-week losses posted by a market-leading layer 1.
The only top layer 1 coin that depreciated more over the seven days was The Open Network’s Toncoin ($TON), which shed 12% to trade at $4.79 as of this writing.
Broadly speaking, all cryptocurrencies are following the fluctuations of the trillion-cap market leader Bitcoin ($BTC). Bitcoin shed 3% overnight and about 6% over the week to trade at $54,875 at the time of writing.
$BTC’s number one contender, Ethereum ($ETH), lost 2% overnight and 6% over the week to hit $2,336 at the start of the weekend UTC.
This week, Cardano completed the “Chang” upgrade, which enables $ADA token holders to vote on network development proposals, thus democratizing and decentralizing it.
The news has not stopped $ADA’s general downward trend.
The token is currently trading at a recent support level (green line), with resistance (red line) stiffening from $0.45 to $0.40 over the course of the summer.
$ADA’s falling relative strength index of 39 is 9 points from being oversold. This indicates the weekend could see the start of some dip buying.
Cardano’s $ADA upgrade this week was a serious step towards decentralized governance, but it turns out the market is just not excited enough about Cardano to throw more investment into it this week.
Some would even argue that there is no point. As an established layer 1 coin, Cardano is broadly fated to track the price movements of Bitcoin and Ethereum, which together
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