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Cardano Founder Warns About “Massive FUD Storm,” $ADA Price Slumps to Weekly Low

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Cardano ($ADA) is less than a week away from Alonzo hardfork that would integrate smart contract support in the blockchain. The developers have already integrated the smart contract support on the first public testnet on September 1, following which the first Dapp in the form of multi-pool DEX Minswap went live on Alonzo Purple. However, the Dapp was plagued with transaction errors as users claimed the UTxO transactions carried just a single transaction per block.

The concurrency issue faced by users on the first public Dapp put Cardano at the receiving end of heavy trolling, especially from Ethereum proponents. Now Cardano founder Charles Hoskinson has come out to call out the FUD. He said a massive FUD campaign is underway against the network just before the key mainnet launch on September 12. Hoskinson noted that a similar trolling campaign was initiated during the Shelby upgrade as well.

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The research and development foundation InputOutput came out with a blog post to clear the confusion around UTxO transactions. The blog post cleared that UTxO transactions won’t be limited to just one transaction as it can process multiple transactions parallelly. The blog post also revealed that UTxO offers better security at a cheaper cost and that was the main reason for its selection.

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Cardano ($ADA) Price Falls to Weekly Low

Cardano ($ADA) price registered a minor pullback in the early hours of Tuesday as it slumped to a new weekly low of $2.66 after recording a new all-time high of $3.09 just a couple of days ago. The altcoin is currently trading just under $2.70 price trying to get back on the bullish path before the final upgrade.

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Source: TradingView

The price decline comes after weeks of uptrend where the altcoin has risen nearly 2.5X over the past month. The support area lies around the $2.50 mark which if it retests could slow down its momentum in the run-up to the key smart contract upgrade. Whether the price slump is because of the FUD or just a minor retrace before the next leg would be determined by the next move of the altcoin.

The on-chain metrics for the altcoin remain strong as nearly 70% of the $ADA circulation supply is staked estimated to be worth $66.8 billion and the number of delegators crossed the 800,000 marks.

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Cardano [ADA] price risks free falling amidst global sell-off

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Cardano [ADA] has been no longer immune to the panic selling that is currently engulfing the broader crypto market. The native token fall by 60% from its all-time high of $3.02 on 2nd September 2021. ADA saw a drop in value of 10.06% on Saturday making it one of the largest one-day percentage losses since Wednesday on October 2, this year.

The move further pushed the altcoin’s market cap downwards to $47.9 billion, which is approximately 2% of the total cryptocurrency market cap. At the time of writing, the asset is changing hands at $1.38 with a 24-hour trading volume of $2.87 billion. Cardano’s market cap was found to be at $45 billion. In the daily hours, the 6th ranked cryptocurrency registered a minor gain of 0.02% but was down by almost 9% in the past seven days.

What does Cardano [ADA] Price Chart Indicate?

ADAUSD 2021 12 05 14 44 58
Cardano [ADA] price risks free falling amidst global sell-off 4

In the 4-hour chart, the concluding green candles of the Awesome Oscillator [AO] are gearing towards the upswing in the market. However, the Klinger Oscillator [KO] after undergoing a bearish crossover continued moving below the equilibrium layer further indicating a downtrend in the price of the coin. On a similar path, the Chaikin Money Flow [CMF] hovering below the zero line is projecting weak inflows but an increasing amount of capital outflows in the asset’s market.

ADAUSD 2021 12 05 14 01 37

The Bollinger Bands [BB] depicted in the above 1-day chart does not indicate any volatility in the asset market. The MACD attempted for a crossover on the upside following a mild recovery. However, the increasing sell pressure favored the bearish narrative. On the trading aspect, the Relative Strength Index [RSI] nearing the 30 mark is signaling the impending oversold zone, and a further downtrend would confirm the same.

So, is it all over for Cardano Investors?

Though from the price perspective, Cardano has not been able to cross the $2 mark since mid-November, however development on the network has been overall healthy both on GitHub and in terms of DeFi. As a matter of fact, many prominent protocols in the ADA ecosystem like an upcoming DEX SundaeSwap, Genesis Auction House, among others have been rapidly growing.

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Will Cardano Be Unveiling DEXes This Christmas?

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Cardano network has been sailing the treacherous storms lately, the recent market crash has been an addition to the prevailing agony. Howbeit, the sixth-largest crypto has been making rounds on public platforms. As the protocol sees growing impetus in its use cases. 

Charles Hoskinson reveals the arrival time frame of DEXes built on Cardano. Meanwhile, Cardano’s native token ADA holds its price well above the $1 mark despite the market crash. Enthusiasts from the community are looking forward to the digital asset breaking through the barriers towards previous highs.

Will Cardano’s DEXes Help Cardano Network Emerge From Its Shadows?  

   Charles Hoskinson reveals on a public platform that decentralized exchanges on Cardano are just weeks away. Which might probably arrive by Christmas time. He further mentions that he is proud of the team for their toil and pulling-off things swiftly with Sundaeswap. 

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The firm will be launching the testnet on the 5th of December, which CoinPedia had earlier reported. Alongside the network hitting the new milestone of 20 million transactions without a single outage in the network’s four-year history. And the De-Fi protocols in the works, while hosting projects like Fracada. 

Is Cardano (ADA) Price Heading Towards The Moon?

ADA at press time is trading at $1.40 while registering losses of 11.8%. The market cap of the sixth largest crypto is currently hovering around $44,872,286,405. Whilst the trade volumes for around the clock are at $3,812,400,066. ADA price has been trading in the frequency from $1.17 to $1.61

As CoinPedia had previously cited, ADA price has managed to stay well above the $1 mark despite the shortcomings. The digital coin could retest levels around $2.3 post claiming its resistance levels around $1.88

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Summing up, Cardano withstanding the high tides is praise-worthy. The utility projects rolling out from Cardano will instill faith in investors and traders. The staking of ADA has been one of the pivotal reasons that have been assisting the price to withstand the shortcomings to a greater extent. With more projects going live, alongside the protocol receiving upgrades, Cardano could make its way to its previous growth metrics. 

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Cardano Price Analysis: ADA to retest downside before further recovery to $1.50?

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  • Cardano price analysis is bearish today.
  • ADA/USD recovered to $1.445 yesterday.
  • Bearish momentum slowly returned overnight.

Cardano price analysis is bearish today as we saw a slowdown for the recovery overnight around $1.445. Therefore, ADA/USD will likely retest the downside again and set a higher low before more upside can be seen.

Cardano Price Analysis: ADA to retest downside before further recovery to $1.50? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours. Bitcoin gained 4.13 percent, while Ethereum 7.49 percent. Meanwhile, Cardano (ADA) trades almost neutral, with a gain of little over 1 percent.

Cardano price movement in the last 24 hours: Cardano recovers 20 percent, finds resistance at $1.445

ADA/USD traded in a range of $1.37 – $1.45, indicating substantial volatility over the last 24 hours. Trading volume has declined by 32 percent, totaling $2.88 billion, while the total market cap trades around $45.82 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA looks to test downside again

On the 4-hour chart, we can see the Cardano price action slowing down its recovery overnight as resistance at $1.445 likely will lead to more downside later today.

Cardano Price Analysis: ADA to retest downside before further recovery to $1.50?
ADA/USD 4-hour chart. Source: TradingView

Cardano price has seen a steady decline over the past weeks from the last major swing high at $2.375. After reaching a new low last weekend at $1.42, ADA/USD had effectively retraced 40  percent.

At the beginning of this week, a consolidation around $1.60 followed until a quick spike higher on Thursday took the market to the previous local high at $1.76. From there, ADA  quickly reversed, starting to push lower with increasing momentum.

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The Cardano price has spiked to the $1.20 mark by the beginning of Sunday, setting a strong lower low. Market quickly recovered around 20 percent during the day, leading to the current bearish momentum slowly regaining control below the $1.445 mark. 

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish today as we expect a further drop lower over the next 24 hours after resistance was found at $1.445 overnight. Therefore, ADA/USD should move to set another higher low before more upside can be reached next week.

While waiting for Cardano to move further, see our articles on How to mine Monero, XRP vs BTC, and DeFi Wallet Review.

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