The Cardano (ADA), dubbed the “Ethereum killer” by supporters, is designed to be more scalable, interoperable, and sustainable than its rival.
A look at data from Coingecko shows ADA changing hands at $0.42, down 4.3% over the past week.
Even so, it remains in the top 10 cryptocurrencies by market capitalization, ranking 8th with a value of over $14.4 billion.
- Cardano has now lost 86.2% from its all-time high of $3.09
- ADA remains the 8th largest cryptocurrency by market capitalization
- $1 Transaction Price Still a Big Challenge for Cardano
ADA network founder Charles Hoskinson has assured the work he has done with Cardano will be better, enhancing its smart contract performance. Because he is likened to the “king of all alt coins”.
But it seems that improvement has not been enough to help the digital currency grow, as its price continues to fluctuate around lows.
Recurring ADA Price Pattern
The ADA/USDT technical chart provides further insight into Cardano’s price movement, which appears to follow a repeating pattern.
Within the observed triangle, there is an additional pattern that Cardano price reacts to – a descending wedge pattern. This seems to be the reason why the cryptocurrency is currently at $0.42.
This wedge pattern could encourage a small upside move for ADA as it could trigger a 9% increase in the value of this altcoin.
At this point, the biggest challenge for Cardano is hitting the $1 mark, which is actually well below the recorded all-time high of $3.09 reached on September 2 of last year.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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