Cardano Bears Stun Bulls Amid Fight for Rebound
2024-09-20

While many altcoins are looking to catch up to their past sell-off figures, Cardano ADAUSD appears to lag. As of this writing, the ADA price changed hands for $0.3535, up 0.74% in 24 hours, per CoinMarketCap. While it appears that ADA bulls have leverage in this regard, sellers should be prepared for a major surprise.
Key metric might stunt Cardano's growth
According to market data, the Cardano 24-hour trading volume is $278,041,430, down 14%. As simple as this metric appears, it underscores that the sentiment pushing Cardano up is different.
Unlike most altcoins with positive volume, ADA has limited catalysts to support the growing price trend. The sentiment can easily be influenced, considering how the weekly and monthly growth rates negate each other. Whether or not the bulls will give in to the bears remains to be seen.
Ecosystem trends have generally positioned Cardano as an important digital currency. Compared with other chains, it remains a highly viable coin, now largely recognized for its technology. A recent poll that saw thousands of community users participating judged the protocol as a better alternative to Ethereum and Solana.
In addition to this recognition, ADA remains a highly attractive coin to ecosystem whales. The digital currency records epic whale boosts more frequently, a trend that, if sustained, can trigger a short-term uptick.
ADA frontier
Notably, the protocol's founder, Charles Hoskinson, is low in price or value appreciation. Rather, he is more keen on communicating what Cardano as a technology can do for the community. In line with this, the Midnight Network technology is moving forward, with new updates around the launch of the privacy network’s native token.
The network has also launched decentralized governance for its ecosystem to hand over to the community control of future progress. To perfect this evolution, the second phase of the Chang hard fork upgrade will be completed, with ADA playing a key role.