Cardano (ADA) Is 'Shadow of Its Past Glory,' Says Top Analyst
2024-10-18

Cardano, once a dominant player in layer-1 blockchains, is slowly losing ground to rivals. Cardano has underperformed over the last few months despite a brief local uptrend, according to a prominent crypto analyst who called the cryptocurrency just a shadow of its past glory.
Cardano and Polkadot have not been able to build momentum, while other traditional layer 1s, such as Solana SOLUSD, Ethereum ETHUSD and Binance Coin (BNB), are spearheading the current bull run. SOL in particular has replaced ETH as the leader of bull runs, though ETH and BNB are still in the lead this time around. ADAUSDT Chart by TradingView
ADA, on the other hand, has fallen far short of its prior standing as a top-10 asset with enormous potential. Cardano's creator Charles Hoskinson has distanced himself from the project, which is one of the factors affecting its poor performance. ADA's reputation has suffered further as a result of this action, which has left many investors angry. 
Cardano was once hailed for its ability to completely transform the blockchain industry, but these days, it appears to be losing its shine, leaving investors to wonder if it will ever rise back to the top. Technically speaking, the 50-day EMA, which is currently at $0.34, is providing strong resistance to the price of ADA. Indicating sluggish market momentum, the 50-day EMA is below both the 100-day and 200-day EMAs.
Another indication that investor interest is waning is declining trading volume. The most likely outcome for ADA, given the current state of the market, is a continuation of the local uptrend followed by a sizable retracement. A protracted decline by ADA could prolong its challenge to remain relevant in a layer-1 market that is becoming more and more competitive in the absence of significant buying interest or fresh developments.