On Thursday, October 6, the eighth largest cryptocurrency by market cap, Cardano (ADA), dipped by 0.46%. However, today, the currency started the day on a positive note as it hit a high of $0.437.
However, the altcoin couldn’t maintain the bullish stance for long and slipped under the captivity of the bears yet again. At the time of writing, Cardano is valued at $0.427, with a plunge of 1.29% over the last 24hrs.
Meanwhile, though Cardano’s Vasil hard fork had promised to improve network stability, the upgrade has failed to gain traction with regard to its staking value.
Cardano’s TVL (Total Value Locked) is currently at $76.66 million as it has slipped by 76.49% from a high of $326 million which it hit in March this year.
Cardano Price To Drop By 35%?
On the flip side, Cardano’s transaction volume has increased by 51.3%, and the smart contract use has surged by 11% with metadata and 14% without it.
More specifically, the transactions have hit 51.2 million, which has increased by nearly 4.2% from August. In addition, the wallets that are involved in staking have surged by 3.4%
Amidst decreasing total value locked (TVL), Cardano’s social media mentions daily have hit a 90-day high of 52,470, as calculated for September 23.
Cardano has experienced an increased sell-off in the last few months, forming a descending triangle pointing for a bearish move. As the triangle soon approaches the intersection, ADA might experience a bearish breakout.
If Cardano’s bearish prediction turns out to be accurate, the next crucial level to without will be $0.35, which is nearly 35% down from the current reading.
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Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks.
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